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Incorrect rollover

December 07, 2016 • Sal Censoprano • Log In to Post Comments

Taxpayer inherited an IRA in 2011. They "rolled over" the account into what they believed to be a beneficiary or inherited IRA. AS it turns out and upon review by the brokerage firm, it was just learned that an incorrect box was checked. The "traditional IRA" box was checked rather than the "Inherited IRA" box.

Brokerage firm wants to transmit a 2011 1099R since the taxpayer used the money in a subsequent year to use as a downpayment on a home but returned the monies to the account within 3 days of receipt with the understanding they "could" do this.
Brokerage is not accepting responsibility for th error. 
What are taxpayer's options should the brokerage house issue the late 1099R; realizing it is past the statute of limitations
  

Comments

I think you will have to wait until the IRS sends a notice.

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