dmertz
Level 15

Retirement tax questions

Your financial advisor was wrong.  These distributions were not eligible for rollover and now constitute excess regular IRA contributions subject to penalty unless corrected by a return of contribution.

 

If your financial advisor gave you this advice before the distributions were made from the inherited IRA annuities, you might have a legal case against the financial advisor.  The money could have been moved by nonreportable trustee-to-trustee transfer, but, because you are a non-spouse beneficiary, not by distribution (which did happen) and 60-day rollover.