A
Anonymous
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Thanks again for the prayers on my behalf and Cliff's.........The Lord let me know this morning, as I lay in bed contemplating on the problem, and I know exactly how it happened but how the bank will get it straightened out I don't know, but God does! The money I replaced before 60 days were up, to not have to pay taxes on what I took out was placed into a new account, so the bank sent papers as if I have two different accounts and show me withdrawing the money I took out, as having to pay taxes on....which would be a huge amount of taxes to pay both Federal and State Income taxes.
What should have been done, was the money I replaced be put back into the origianl account from which it was taken, and bacause they didn't want to pay me the percentage on it like the original one, they should have rolled it over into the new IRA account and that way, the papers wouldn't show I am to pay taxes on the amount withdrawn, for I put it all back but a little over $3,000 (I have to draw out a certain amount each year) which should be the amount of income for this year! Now, the way they have it, I would be paying taxes on the withdrawn amount and then I would be paying taxes on the amount I replaced the original amount with! So how they'll fix it I don't know but it is their fault and their problem! Just messes me up on my income for the year and will have to wait until they correct it! (The money I used to replace the amount withdrawn to help purchase the house in Cuba, MO was from borrowing on Credit Cards to keep from paying taxes on such a large amount, which would be very rough for me to do! HOPE YOU CAN UNDERSTAND WHAT I'M TRYING TO EXPLAIN!
I haven't worked for years so there is no way I could have a new IRA account, as the Gov't only allows a certain amount to be deposited in an IRA each year! So you now know how to pray! Thanks again, Brothers and Sisters-in-Christ God Bless! Betty
What should have been done, was the money I replaced be put back into the origianl account from which it was taken, and bacause they didn't want to pay me the percentage on it like the original one, they should have rolled it over into the new IRA account and that way, the papers wouldn't show I am to pay taxes on the amount withdrawn, for I put it all back but a little over $3,000 (I have to draw out a certain amount each year) which should be the amount of income for this year! Now, the way they have it, I would be paying taxes on the withdrawn amount and then I would be paying taxes on the amount I replaced the original amount with! So how they'll fix it I don't know but it is their fault and their problem! Just messes me up on my income for the year and will have to wait until they correct it! (The money I used to replace the amount withdrawn to help purchase the house in Cuba, MO was from borrowing on Credit Cards to keep from paying taxes on such a large amount, which would be very rough for me to do! HOPE YOU CAN UNDERSTAND WHAT I'M TRYING TO EXPLAIN!
I haven't worked for years so there is no way I could have a new IRA account, as the Gov't only allows a certain amount to be deposited in an IRA each year! So you now know how to pray! Thanks again, Brothers and Sisters-in-Christ God Bless! Betty
God Bless! Betty