Submitted By: someone
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.

Tax Glossary

Adjusted basis

A statutory term describing the cost used to determine your profit or loss from a sale or exchange of property. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs.

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