12-14-2006, 01:14 PM
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 Re: IRA maturity date "Mark Freeland" <BnetOnewsX[at]sbcglobal.net> wrote in message news:X71gh.5716$Gr2.4328[at]newssvr21.news.prodigy.net... - quote - > Someone I know has an IRA with a CD maturing on Saturday, Dec 30 (sic).
practice that any transaction done on a Saturday, Sunday or holiday isThe > bank says unless we withdraw the money before maturity, it will report the > withdrawal due to maturity in 2007. In the banking and financial industry it has always been the normal business officially transacted as of the next business day. In this case the next business day is January 2, 2007. |
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#-1
12-13-2006, 11:45 PM
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| IRA maturity date Someone I know has an IRA with a CD maturing on Saturday, Dec 30 (sic). The bank says unless we withdraw the money before maturity, it will report the withdrawal due to maturity in 2007. We can work around this, so it isn't a major issue for us, but I'm still curious whether this is correct. (Of course there is a grace period, but we can dispense with that notion by notifying the bank that the money is not to be rolled over into a new CD; it is to be distributed from the IRA.) Thoughts? Mark Freeland BnetOnewsX[at]sbcglobal.net |
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| date, ira, maturity |
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