Hello,
Recent trading of BANGN according to OTC Markets is as follows-
Date Volume Price
1/6/2025 5 $75.00
1/17/2023 1 $98.25
1/17/2023 1 $98.25
11/10/2022 6 $98.25
10/24/2022 150 $125.00
10/25/2021 40 $135.00
So with the above info and the fact that the implementation SEC Rule 15c2-11 which sent this security to the Expert Market thereby making it next to impossible to determine a fair market value one could say that the fair market value at the time of the conversions (there were five in 2024) was $0.00.
Secondly, I am not completely understanding what you are saying when you say"... just omit the Form 1099-R from Turbo Tax.". Would that not raise a red flag with the the IRS??
Lastly, Turbo Tax is asking me to provide an explanation for Excess Withdrawal. Is it possible that this is due to the fact that there were 5 conversion transactions from an TIRA into a Roth IRA? I add this last point because I believe there is a rule that says that you cannot make more than one rollover from the same IRA to another IRA within a 1-year period, with one of the exceptions to the one year being rollovers from a TIRA to a RIRA (i.e. conversions). So it seems to me that I would NOT need to offer up an explanation since all my transactions were from a TIRA to a RIRA.
Hope this helps.
Thanks- Dan Hayden
