A. Probably not. This appears to be an administrative matter which may differ among financial institutions. In fact, the change may be related to a revised internal policy. As long as the overall account continues to be treated as an IRA, however, it will have no impact on the tax status.
Tip: Nevertheless, if you are uncomfortable with the bank’s policy, you may consider including a tax-free, trustee-to-trustee transfer of funds to a different financial institution.
- Small Business Tax Deduction Strategies No matches