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Posted by Bob G on April 18, 2008, 6:12 pm
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My wife went to a local bank on April 15 and opened a $5,000
traditional IRA, paid with a check dated April 15, was re-assured by
the consultant that everything would be mailed to the financial
institution (Alliance Bernstein) in time to claim a deduction for
2007.
Today we got the check back via FedEx from Alliance Bernstein, with a
note saying that the mailing was postmarked April 16. This will cost
us an additional $850 in taxes.
We called the bank consultant and got an apology.
What can we do?
--
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<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Phil Marti on April 18, 2008, 7:06 pm
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"Bob G" wrote:
> My wife went to a local bank on April 15 and opened a $5,000
> traditional IRA, paid with a check dated April 15, was re-assured by
> the consultant that everything would be mailed to the financial
> institution (Alliance Bernstein) in time to claim a deduction for
> 2007.
>
> Today we got the check back via FedEx from Alliance Bernstein, with a
> note saying that the mailing was postmarked April 16. This will cost
> us an additional $850 in taxes.
>
> We called the bank consultant and got an apology.
>
> What can we do?
Learn from the experience that your procrastination doesn't necessarily
create a sense of emergency in others. You might want to get things
together a little faster for 2008.
There's nothing you can do about making a 2007 traditional IRA contribution
at this point.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Bob G on April 18, 2008, 8:22 pm
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>
> There's nothing you can do about making a 2007 traditional IRA contribution
> at this point.
> --
Thanks. I know there's nothing we can do about an IRA. My question is,
what can we do against the bank? Wasn't it a breach of promise on
their part? We have suffered damage and inconvenience as a consequence
of their negligence.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by dpb on April 18, 2008, 8:54 pm
Please log in for more thread options Bob G wrote:
>> There's nothing you can do about making a 2007 traditional IRA contribution
>> at this point.
>> --
>
> Thanks. I know there's nothing we can do about an IRA. My question is,
> what can we do against the bank? Wasn't it a breach of promise on
> their part? We have suffered damage and inconvenience as a consequence
> of their negligence.
That's a lawyer question, not a tax one.
I'd say you're chances are slim and none and Slim just left town for
anything other than the apology you apparently already received. Maybe
you could cry on the branch manager's shoulder and get a $25 bond or
something but I see no way they're going to make up the purported loss.
Only way I'd see even a glimmer of a small claims court winning would
be if you had a written promise they would ensure they took it to the PO
and see that it was deposited in a box marked for that day postmark.
Making a verbal statement of that sort stand up just ain't agonna'
happen imo.
$0.02, ymmv, etc., etc., etc., ...
--
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by William Brenner on April 18, 2008, 10:51 pm
Please log in for more thread options Bob G wrote:
>> There's nothing you can do about making a 2007 traditional IRA contribution
>> at this point.
>> --
>
> Thanks. I know there's nothing we can do about an IRA. My question is,
> what can we do against the bank? Wasn't it a breach of promise on
> their part? We have suffered damage and inconvenience as a consequence
> of their negligence.
>
You might have to settle for writing a letter to the highest ranking
bank officer you can identify, explaining why you are closing your
account and moving it to another bank. Give them a week to respond
before doing so.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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