Someone I know has an IRA with a CD maturing on Saturday, Dec 30 (sic). The bank says unless we withdraw the money before maturity, it will report the withdrawal due to maturity in 2007.
We can work around this, so it isn't a major issue for us, but I'm still curious whether this is correct. (Of course there is a grace period, but we can dispense with that notion by notifying the bank that the money is not to be rolled over into a new CD; it is to be distributed from the IRA.) Thoughts?
Mark Freeland snipped-for-privacy@sbcglobal.net