Thread Options
#2208956 - 03/18/19 08:10 PM IRA- Missing Documents
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
I recently found some IRAs that were opened without IRA plans. This means that customers did not receive a custodial agreement or a 5305-A at account opening. Some of the accounts are set up as POD rather than beneficiaries with percentages. Have we broken rules or laws due to not providing the named documents? Do we need to just close the accounts and open up plans and do an internal transfer of the funds so that customers can get all updated and corrected IRA disclosures? If not, do we just try to maintenance the accounts so they show beneficiaries rather than POD or is that not necessary? They did receive TIS (a CD TIS, but they basic information was there).
Any help is welcomed.
Thanks!

Return to Top
Audit
#2208959 - 03/18/19 08:29 PM Re: IRA- Missing Documents sra724
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
I think you need to engage both legal counsel and a tax professional to determine what you have here. Are they or are they not even IRAs would be the first step.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2208964 - 03/18/19 08:44 PM Re: IRA- Missing Documents sra724
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
The product states they are IRAs

Return to Top
#2208967 - 03/18/19 09:13 PM Re: IRA- Missing Documents sra724
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
I can call a skunk a squirrel and I still have a skunk. It is not want you intended to do - it is what you did from a legal standpoint. Engage the professionals.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2209030 - 03/19/19 06:06 PM Re: IRA- Missing Documents sra724
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
Thanks

Return to Top

Moderator:  Andy_Z