Off topic. Tax court sides with IRS, only one rollover per taxpayer allowed in
I just read this today.
It sucks for anyone caught unaware even though it sounds like the IRS won't enforce it for a year except for the people who lost their case in court.
http://www.marketwatch.com/story/ira-rol…
Why can't our politicians pass a law allowing you to rollover any Ira to another Ira regardless if you already did it for another account?
This is just socking it to the American public. Banks screw up Ira to Ira transfers all the time in my opinion or a lot of the time.
It sucks for anyone caught unaware even though it sounds like the IRS won't enforce it for a year except for the people who lost their case in court.
http://www.marketwatch.com/story/ira-rol…
Why can't our politicians pass a law allowing you to rollover any Ira to another Ira regardless if you already did it for another account?
This is just socking it to the American public. Banks screw up Ira to Ira transfers all the time in my opinion or a lot of the time.
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although... the article doesn't say WHY they didn't do a trustee-to-trustee transfer in the first place and avoid any chance of something going wrong in the trustee-to-owner-to-trustee scenario. There is a lot more room for error when IRA funds touch the owners hands in the process.
Now I'm wondering if my relative dies and has 7 beneficiaries if all of them will owe tax on that one Ira.
Sooner or later I'll probably find out.
I heard a similar horror story from a co-worker who did a 401k rollover - with the distribution made out to him. Took him a couple years to finally resolve it with the IRS.
mjx's advice here is good.
I will write to my congressmen. It's about time someone sends them emails after all the campaign calls they left on my phone the last few years. I have been assisting an older relative which is why I'm aware of how the banks a d then the IRS are set to screw thousands of Americans. The banks will screw up the transfers like they have already been doing, then the IRS will send out tax notification letters.
Some people were storing their money in a mattress I heard. That sounds almost safer than letting the. banks and the IRS screw you over.
Keeping cash is also now dangerous. New IRS rule now state that all cash transactions and deposits above a very small amount are supposed to be tracked and reported for "anti terrorism" reasons. Horseshit!! These are the same thieving cocksuckers that have been trying to make cash illegal for decades to tax the smallest transaction. They want to tax teenagers for mowing lawns or babysitting.
Property rights are a myth today with property taxes so draconian you merely rent the land from the government.
You should be able to live without government interference. I have a very hard time naming one thing the government does that I could not be done better and cheaper by a contractor.
When you look up incompetence in the dictionary it says "see government"
However I have found financial news sites such as marketwatch.com has some interesting stories.
I linked it above when I started the thread.
Money, taxes, girls, yep. Important stuff.
Gold, guns, girls.