Our client Cassandra age 45 maintained a traditional individual retirement account (IRA) at Central Town Brokerage Company. On February 15 of the current year, she decided to request a check from Central Town Brokerage for the balance of the IRA account. She took the check made out in her name and deposited the entire amount in a new traditional IRA with South Town Brokerage Company on the same day. On June 5 of the same year, she requested a check for the balance of her IRA account from South Town Brokerage and deposited the entire balance in a new traditional IRA account 30 days later. 

Required: What are the tax consequences, if any, regarding the June 5 IRA distribution to Cassandra? Using RIA Checkpoint Edge, research the above tax question and write a tax research memorandum for the file. How do I do this?

Answer rating: 100% (QA)

When you withdraw money from any IRA you receive 1099 are form All 1099r forms for IRA distributions ... View the full answer