Hao has $20,000 in a traditional IRA at a bank. He decided to change trustees from a bank to a financial services firm. He requests, and receives, a check from the bank that he intends to take to the financial services firm to open a new account. He puts the check in his drawer and forgets it. Three months later, he remembers the check and takes it to the financial services firm and opens an IRA account. What are the tax implications of Hao’s actions?