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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 39039
Experience:  Retired (mostly)
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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: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 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: and


Hope this helps.


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