No. of Recommendations: 0
Greetings, Kneil, and welcome. You asked:

<<Thank you Pixy for your 2/25 response. While I agree with your answer, my brokerage firm does not (no name mentioned to protect the guilty!). My brokerage firm says that it has valued the assets I converted from a traditional IRA to a Roth Conversion IRA as of the date it received my letter of instructions - even though there is a several week difference between that date and the actual conversion date. This could cost me significant money because the stock market was way lower on the conversion date than on my letter of instructions date.

Any ideas? Thanks.>>

Other than some long and loud complaints to the brokerage, I doubt there's much you can do. They are allowed time for administration connected with the conversion and the broker does prepare and submit the 1099 that reports the distribution to the IRS. It sounds like they're saying the account was "in transit" as of the date it received your instructions. Legally, I doubt highly that there's much you can do other than express your displeasure. That and pay the added taxes, of course. It's a bummer and a no-win situation IMHO.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.