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Dear Champ macuser_22 Level 15:
Okay, You are correct! I didn't want to give the real figures used on the IRA, in case Nationwide puts two-and-two together and figured out the account owner is. They send out the hounds to make unsolicited telephone calls. At this point, I decided, "what the heck?", let them call.
Anyway, Champ macuser_22, here we go:
The existing Traditional IRA had a value $39,053.26 on 12/31/2019. A $6,500 contribution was made in 2019 for 2018. In Jan-2020, the IRA was transferred from SunTrust Bank to Nationwide.
You ask: Is this a contribution or a distribution?
Reply: Contribution existing, Traditional IRA.
You ask: Your question is not clear.
Reply: You always say that... ...so, I have tried to fix that issue. You be the Judge.
You ask: IRA contributions cannot exceed $6,000, or $7,000 if age 50 or older.
Reply: You are correct. A $6,500 contribution was made in 2019 for 2018. He was 69 years and 8 months old at his passing this year.
You ask: Do you have a 1099-R?
Reply: No, I do not have a 1099-R for this item.
You ask: [On Form 1099-R] What code is in box 7?
Reply: SunTrust Bank do not provide a 1099-R for this item. Should SunTrust Bank provide a 1099-R, if we did not cash- out or receive any monies from the IRA? Should the IRA be listed on 2019 Form 1040 and where?
You ask: Was it a retirement distribution that was rolled into an IRA?
Reply: Honestly, I do not know. Can you give me any advice that would help in determining whether it is and how to handle it.?
Here is some information:
On January 17, 2020, the IRA was transferred from SunTrust Bank to Nationwide. My father was working very hard and was adamant about getting the IRA transferred by 12/31/2019. However, he was unsuccessful in meeting that date. It was 17 days after that, before it was transferred. Since he has passed away, I cannot figure out why he wanted to get the IRA transfer competed by 12/31/2019. I call on your many years dealing in this Discipline for help. I know you do not have a crystal ball, but I would appreciate your educated guess.
Here is some information from Nationwide: They are stating it as a "Traditional IRA" and "we want to notify you the asset rollover requested is effective as of January 17, 2020." The Fund Name: Nationwide Fix Account, Contribution Type: Rollover (Pre-Tax), Plan IRS Code: 457.
One of my concerns, is should SunTrust Bank provide a 1099-R, if we did not cash- out or receive any monies from the IRA? Should the IRA be listed on 2019 Form 1040 Tax Return?. The IRA was with SunTrust during the entire year of 2019.
Here is information, from the last Bank Statement ending 12/31/2019, that may be of help:
Balance as of 12/31/2019: $39,053.26
2018 Contributions: $6,500.00
2019 Contributions: $0.00
Non-Reportable Transfers: $0.00
Reportable Rollovers: $0.00
Interest Pay YTD: $18.76
Withdrawals/Distributions: $0.00
Balance 12/31/2019: $39,053.26
Federal Tax Withheld YTD: $0.00
Penalties Paid YTD: $0.00
State Withheld YTD: $0.00
Fair Market Value: $39, 053.26
Champ macuser_22, any help you can give me is greatly appreciated. If you need anything else, please let me know.
Respectfully yours,
Al