AboutWillard R. Brumbaugh, LUTCF Expertise I have answered many questions regarding 401ks, IRAs and annuities as well as life insurance.
I have been counselling against most Qualified Plans since 1994.
Experience Ranked in the top 5 in retirement catagories at Askme.com most of its last 2 1/2 years. Organizations I belong to:
National Association of Insurance and Financial Advisors-California
Inland Empire Estate Planning Council
Education/Credentials Life Underwriters Training Council Fellow
Question 9/11/08 I had an IRA mature, received the distribution and rolled it over to what I believed to be an IRA with GMAC Bank. In March '09 while preparing my '08 tax return I discovered GMAC does not have IRA accounts and the money I believed was an IRA rollover was actually placed in a regular CD. GMAC has agreed to an early distribution of the CD with no penalty and arrangements have been made for my bank to accept the money back as an IRA. When this was discovered in March I applied for an extension for filing my '08 tax return. The IRS says we meet the requirements for an automatic waiver on the rollover. How do I treat this on my '08 tax return when the distribution took place in '08 and the IRA re-established in '09 - two different years?
Answer Dear Dale,
This is technically a tax-preparer question. But I can give you my opinion. If the IRS has told you you meet the requirements for a waiver, it would appear that as far as your tax return is concerned the distribution never happened.
