In January, Donna\'s dad, who is 75 years old, agreed in an email with his finan

Question

In January, Donna's dad, who is 75 years old, agreed in an email with his financial advisor that he wanted to take a distribution of $50,000 from his IRA and roll it over into a new IRA. His financial advisor inadvertently moved the funds into a taxable account. This mistake was discovered by the advisor at the end of the year. As a result, the $50,000 will be treated as a taxable distribution. What should Donna's dad do? a. Request from the IRS a waiver of the 60-day rollover requirement b. Pay the income tax and seek relief from the financial advisor c. Pay the income tax d. Pay the income tax and move his funds to a new advisor

Explanation / Answer

By Mistake it has been happened and this is rollover . He Should request to IRS for waiver of 60 day rollover requirement . If he is statisfied then he can order for rollover . That will be beneficial for Donna's dad if this happen.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.