Unknown IRA Withdrawal

Here's an interesting one. OP claims he had his IRA trustee roll his IRA over into an account at another bank because the other bank was giving higher interest. However the recipient bank mistakenly put the money into a regular account, not an IRA or other qualified account. OP was not aware of this until, well, more than 60 days had elapsed.

I'm not aware of any exception to the rule that money outside an IRA for more than 60 days is taxed.

Any thoughts?

Thanks.

Reply to
Stuart O. Bronstein
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The taxpayer should qualify for an automatic waiver of the 60 day rule. See FAQ #3 here:

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Ira Smilovitz, EA Leonia, NJ

Reply to
ira smilovitz

Thanks Ira. I really appreciate your expertise and help.

Reply to
Stuart O. Bronstein

Wares my money

Reply to
Lavara Weddell

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