Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1644679 - 12/30/11 03:12 PM IRA Fees - What type of distribution
pweiss Offline
100 Club
Joined: Mar 2011
Posts: 103

We are going to start charging a small annual fee (fixed fee) on our IRAs on 12/31. For those who charge fees, what category on the IRS form do you use? I am thinking it would be the "transfer" option but I wanted to check with the rest of you.

Phil Weiss, CAMS

My opinions are my own and not that of my employer.

Return to Top
Operations Compliance
#1648796 - 01/10/12 07:37 PM Re: IRA Fees - What type of distribution pweiss
el guapo Offline
Gold Star
el guapo
Joined: Jul 2004
Posts: 345
Hello Phil,

Fees charged directly to an IRA should not be coded as reportable distributions on a 1099-R. Your system should have a way to code the transaction as a non-reportable fee.

Return to Top
#1650258 - 01/12/12 06:49 PM Re: IRA Fees - What type of distribution pweiss
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
This fee was reflected in the financial projections you gave at account opening, correct? This isn't simply a TISA issue; your fees should have been disclosed at inception.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top

Moderator:  Andy_Z, John Burnett