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taylor2016

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Everything posted by taylor2016

  1. Thanks all for the great advice. I'm supposed to hear back from vanguard soon as they're looking into it. It seems as though IRA and 403(b) is two completely separate places at vanguard. When my mom passed away I inherited the 403(b) and filled out paperwork with the 403(b) department to roll it over into an IRA. This should have been marked as an inherited IRA when it was rolled over from everything I can see anyway but instead the IRA department just started an IRA in my name with the full amount inhereted and never issued a 1099 or anything that year. I probably should have paid closer attention to what they were naming things but just assumed vanguard knew the rules and were doing things correctly. Hopefully vanguard figures it out but honestly I don't have much hope just due to the feeling that vanguard doesn't even seem to know the rules themselves when speaking to them over the phone. I'll for sure reach out to the other forum after I hear back from vanguard if I'm still struggling to get it straight. Thanks for all the help!
  2. Hi all, I tried searching this issue but haven't had much luck. I inherited a 403(b) from my mother when she passed away. I chose to do a rollover into an IRA when I inherited it. It was my understanding that this rollover would have been into an inherited IRA requiring minimum distributions and not held to early distribution limits even though I'm only 35 due to it being inherited. I took a distribution in 2020 and it was marked on the 1099 as an early distribution. I've been trying to get vanguard to fix this issue but have been sent around in circles and they keep telling me to talk to a tax professional even though it seems to me as it was marked incorrectly. Vanguard is claiming no wrongdoing here and I get passed back and forth between the vanguard 403(b) department and IRA department both claiming maybe the other messed something up. Isn't it true that when I inherited the 403(b) and it rolled over into an IRA it should have been an inherited IRA and I would not be charged the extra 10% for early distribution? I didn't think it was even allowed to rollover an inherited 403(b) into my own IRA account instead of an inherited IRA. Thanks for the help.
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