How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37971
Experience:  Retired (mostly)
10097515
Type Your Business Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

In April of 2008 my husband and I made contributions to our

Customer Question

In April of 2008 my husband and I made contributions to our IRA accounts for 2007 Through Bank Of America. In March of 2009 we recieved notification from the IRS that a contribution had been made to my husband,s IRA but the moneys slated for my IRA were deposited by the bank manager into my husband's Roth IRA constituting an excess contribution which we owed tax and penalty on. The bank was notified of the mistake and after much ado withdrew the money from the Roth and reimbursed the tax and penalty amount which was deposited into our joint checking. I had already sent the payment to the IRS prior to this. On receiving 1099's from the bank for the tax year 2009 the Roth amount appears as a J code which is an early distribution and which becomes a taxable amount again. The investment person that we have been dealing was notified that the code was incorrect on the 1099 and told us to change it on our return to a D. Now he tells us we cannot change it and I am out of letters. Help
Submitted: 6 years ago.
Category: Business Law
Expert:  socrateaser replied 6 years ago.

The bank's negligence caused all of these problems. You can tell the bank to either fix the problem or you will sue for negligence to recover your losses. Cut and dry.

 

For a civil litigation attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=WA and www.martindale.com.

 

Hope this helps.

 

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Related Business Law Questions