Discussion:Question about IRAs and Ponzi
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| Revision as of 20:17, 30 March 2009 IRS4LIFE (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 23:48, 30 March 2009 Mtmckeecpa (Talk | contribs) (IRS4, You don't) Next diff → |
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| {{ForumNewPost|UserID=IRS4LIFE|Date=30 March 2009|Text=Person A has a nice IRA and is a retiree. A is approached by Person P, a Ponzi scammer. P tells A that she can rollover her IRA with P's trust company, and good things will happen. No indication as to what this constitutes. A then rolls over her entire IRA into P's trust company. The scheme runs out of steam and things fall apart. G men put P in jail. G men also come after the A's of the world claiming the rollover...wasn't. It's includible in income for the year it was rolled over. Doesn't matter if there's a theft loss involved because they're low income retirees. Do they have a lifeline?}} | {{ForumNewPost|UserID=IRS4LIFE|Date=30 March 2009|Text=Person A has a nice IRA and is a retiree. A is approached by Person P, a Ponzi scammer. P tells A that she can rollover her IRA with P's trust company, and good things will happen. No indication as to what this constitutes. A then rolls over her entire IRA into P's trust company. The scheme runs out of steam and things fall apart. G men put P in jail. G men also come after the A's of the world claiming the rollover...wasn't. It's includible in income for the year it was rolled over. Doesn't matter if there's a theft loss involved because they're low income retirees. Do they have a lifeline?}} | ||
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| + | {{ForumReplyPost|UserID=Mtmckeecpa|Date=30 March 2009|Text=IRS4, | ||
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| + | You don't say why the rollover was not valid? But if not valid rollover for whatever reason...then A should have a theft loss under IRC 165? Perhaps you can carry the loss back....good luck.}} | ||
Revision as of 23:48, 30 March 2009
Discussion Forum Index --> Advanced Tax Questions --> Question about IRAs and Ponzi
Discussion Forum Index --> Tax Questions --> Question about IRAs and Ponzi
| 30 March 2009 | |
| Person A has a nice IRA and is a retiree. A is approached by Person P, a Ponzi scammer. P tells A that she can rollover her IRA with P's trust company, and good things will happen. No indication as to what this constitutes. A then rolls over her entire IRA into P's trust company. The scheme runs out of steam and things fall apart. G men put P in jail. G men also come after the A's of the world claiming the rollover...wasn't. It's includible in income for the year it was rolled over. Doesn't matter if there's a theft loss involved because they're low income retirees. Do they have a lifeline? | |
Mtmckeecpa (talk|edits) said: | 30 March 2009 |
| IRS4,
You don't say why the rollover was not valid? But if not valid rollover for whatever reason...then A should have a theft loss under IRC 165? Perhaps you can carry the loss back....good luck. | |
