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sineoko [7]
3 years ago
11

In January, Donna’s dad, who is 75 years old, agreed in an email with his financial advisor that he wanted to take a distributio

n of $50,000 from his IRA and roll it over into a new IRA. His financial advisor inadvertently moved the funds into a taxable account. This mistake was discovered by the advisor at the end of the year. As a result, the $50,000 will be treated as a taxable distribution. What should Donna’s dad do?
Business
1 answer:
andrey2020 [161]3 years ago
3 0

I believe this shouldn't affect him since he is 75 years old, past the 65 retirement age. So the $50K from this IRA can be withdrawn tax free. If he moved the funds to a checking account BEFORE 65, then it would be taxable. Check with a financial advisor.

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