George wrote:

- quote -

If the trustee removed the fee from the distribution before
sending it to the new trustee, you do not have any deduction
available to you. There is no taxable consequence of this to
you. If the fee was charged to you separately, then the
amount you paid qualifies as a miscellaneous itemized
deduction subject to the 2% AGI limitation.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"George" <_g_bnotreallymyaddresseccles[at]verizon.net> wrote:

- quote -

No

- quote -

You could have paid the fee from funds outside your IRA and
not lost the future earning potential of the amount. Such
fee payments don't count against your contribution limit.

- quote -

No.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

We transferred a (Roth) IRA from one financial institute to
another. The old bank charged a substantial (IMO) "transfer
fee" for this.

- Does this count as a taxable distribution?

- If so, could we have done something (send them a check,
for instance) to avoid the tax?

- Likewise, can we do anything about it now?

TIA,
George

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >