Underpayment from annuity contract during IRA rollover

Forum|Forum|4 years ago
January 19, 2022
1 reply
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I rolled over, through my finical advisor, all of an annuity from one finical company to another earlier in 2021. Just cost a letter along with a check for over $1000 from the first finical company stating that upon a recent review they identified an error that resulted in an underpayment to me. My question is how to I handle this $1000. What document should I be getting that indicates this money and how to I address this extra $1000 in turbo tax?

Best answer by fanfare

If the $1,000 was from a tax-deferred account, you have 60 days to do a rollover for that money.

Otherwise it becomes a distribution.

If the custodian made an error (as you say) you can get a waiver of the 60-day rollover rule for your deposit.

Critter-3

Level 15

Contact them to find out what form you're going to get ...then you will know how to handle it.

fanfareAnswer

Level 15

If the $1,000 was from a tax-deferred account, you have 60 days to do a rollover for that money.

Otherwise it becomes a distribution.

If the custodian made an error (as you say) you can get a waiver of the 60-day rollover rule for your deposit.

ralaineAuthor

Level 2

Thank you for the reply. I was wondering if there was a way to rollover the $1000. I will get with my financial advisor to see if they think that is the way to go.