Have a Tax Question? Ask a Tax Expert
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
Wells Fargo may tell you that they do not have a record of your deposit, which might be true if you are going to a branch or calling into the 1-800 number, but they will have a record in their retirement account department
When they send you your 1099 at the end of the year showing your withdrawals, it will tell you what portion of it is taxable vs nontaxable
Yes, they sent me a 1099 and they said that everything withdrawn last year was taxable which is not true.
Do you have records of your initial deposit?
Do I have record? No! The check was written on my Chase bank account and they said they only keep records for seven years.
Unfortunately without records from Wells Fargo or records that you have maintained, you will have to go by what is on the 1099.
Do you possibly have your bank statements saved somewhere?
It is possible that I have records somewhere in some old box! It was a large check and it would be reasonable for me to have kept it. But one does not always do what is the best thing.
I know, one wouldn't think they would need their records for more than 7 years
Do you remember that year when you filed your tax return if you filed form 8606 with the IRS?
So what do I do now? I very much appreciate your kindness and your advice but I have not actually learned anything I did not know already (smile).
Unfortunately, you will have to pay the tax on the withdrawal, unless you can otherwise prove you made the contribution.
I do remember that I did not file any form 8606. Wells Fargo might have a record of when the account was opened.
They really should
They should be the ones helping you get this resolved, because it's their responsibility to keep track of this - not yours
Thanks for this.
You're welcome. I'm sorry I don't have a magic bullet
OK, wishful thinking on my part!