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Submitted By: someone
Answered: July 15, 2020 11:24 pm
Answered: July 15, 2020 11:24 pm
When I made a rollover of my Roth IRA, the bank withheld a $20 fee, so the rollover into the new account was $20 short. What can I do?
Check with your new financial institution to see whether it offers fee reimbursement (some do). You may add the $20 out of pocket to complete the rollover amount, but this must be done within 60 days of the transfer. You cannot deduct the $20 fee.
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
