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Subject Author Date
Blew 60-day IRA rollover. Options? Meano.Culpa 02-05-2008
Posted by Meano.Culpa on February 5, 2008, 1:35 pm
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 E*TRADE screwed up the direct transfers of two small IRA accounts to
my 401(k) account. Instead, they cut me two checks and generated a
couple of 1099s. In trying to fix the paperwork, I have run out the 60-
day clock.

I should be the poster child for a waiver. (I can demonstrate that I
was trying to transfer the funds without ever touching them. I have
the original checks uncashed and in hand. I am literally two days
outside the window. My picture is in Rev. Proc. 2003-16 with the
caption, "Should Get Waiver.") Unfortunately, a waiver is a PLR and
would cost $500 (per account?). Since this is only about $18,000, the
size of the accounts is sufficiently small that just the PLR filing
fee(s) would chew up most of the 10% penalty savings.

As a practical matter, do I have any options aside from the PLR route?

Thanks for your attention.

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Posted by dpb on February 5, 2008, 3:32 pm
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 Meano.Culpa@yahoo.com wrote:
> E*TRADE screwed up the direct transfers of two small IRA accounts to
> my 401(k) account. Instead, they cut me two checks and generated a
> couple of 1099s. In trying to fix the paperwork, I have run out the 60-
> day clock.
...

> As a practical matter, do I have any options aside from the PLR route?

If you have documented evidence of an instruction improperly executed, I
would hound the brokerage to "fix it". They _CAN_; getting an online
firm of questionable reputation to do so may be a problem.

A poster child for why discount brokerages are 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. >>
<< ------------------------------------------------------- >>

Posted by dpb on February 5, 2008, 8:29 pm
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dpb wrote:
> Meano.Culpa@yahoo.com wrote:
>> E*TRADE screwed up the direct transfers of two small IRA accounts to
>> my 401(k) account. Instead, they cut me two checks and generated a
>> couple of 1099s. In trying to fix the paperwork, I have run out the 60-
>> day clock.
> ...
>
>> As a practical matter, do I have any options aside from the PLR route?
>
> If you have documented evidence of an instruction improperly executed, I
> would hound the brokerage to "fix it". They _CAN_; getting an online
> firm of questionable reputation to do so may be a problem.
>
> A poster child for why discount brokerages are so... :(

BTW, you might get more traction if you were to report a complaint to
the SEC and your State equivalent. And, of course, you need a formal
complaint to them and the documentation that supports the contention the
didn't do what they were instructed.

www.sec.gov

and links therefrom...

--

--
<< ------------------------------------------------------- >>
<< 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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