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>the biggest problem Carl has is erroneous 1099's.

Does this actually happen? Do they correct it the same year? Can the second set be "un-issued" and how is it usually corrected?

They rarely get corrected. It's no big whoop. The critical issue at the moment is to figure out exactly what happened. Don't sweat the small stuff. Stay focused.

>but the one from the bank is not, but Carl really
>needs to speak with the bank and figure out why they issued a 1099-R.

This is happening right now, but I would like to assess whether Carl needs to hire an accountant or attorney.

Not yet.

>Money coming out of a money market account does not cause a 1099-R.
>Unless the MMA was itself an IRA and them moved it to a different IRA
>for the new 'ExtremeTrading' thing. In which case I think they may
>have royally sc***ed him.

Right, that's what I'm upset about. The bank was affiliated / a reseller of the DaisyInsurance products, provided all the paperwork for Carl, and in some ways, helped initiate the whole process.

Again, let's not get ahead of ourselves.

What are the consequences of a second rollover? How is it fixed?

Let's burn that bridge if we come to it.

Also, I would like to know if the bank is responsible in some way, especially if Carl ends up having to pay penalties, and what kind of penalties.

You may have noticed I keep dodging this question. That's because we don't know at this point whether there's even a problem. Again, a suggestion that you stay focused.

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