UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: tlswms One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 78692  
Subject: Rollover Deadline Missed Date: 3/4/2004 7:19 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Wondering if anyone's dealt with a similar situation and can give advice…

We pulled cash out of our traditional IRA to make a 1st time home purchase. We then decided to take advantage of the 60-day rollover option to return the money and keep it growing tax-free. The rollover was also a conversion to a Roth. However, the plot thickens. I mailed 2 checks (one for me and one for spouse) well ahead of time to make the 60-day window. One check was processed no problem. The other I had neglected to sign and the broker returned it. By the time I discovered it – the 60 day window had shut. However, once discovered, I immediately deposited the money via a funds transfer and only missed the window by a few days.

So – my conundrum is whether or not I explain all this to the IRS in a letter with my filing – or I simply treat it as a distribution /conversion paying the tax etc and just hope for the best – or??? Any suggestions welcome.

ps - I argued vociferously with the broker that they should back date the deposit. If only they'd notified me vice simply sticking the check in the mail – I would've been able to execute the transfer electronically and meet the deadline. They refused
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Berkshire Hathaway

Questioning Amazon's Financials
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
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.