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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: Valuation of Roth IRA Conversion Assets Date: 2/28/1999 11:52 AM
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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.

Regards….Pixy
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