Result of FINRA Excessive RMD Distribution Investigation

Submitted by bzultowsky-gmail.com on Tue, 2018-05-29 23:05

Hopes dashed. None of their rules were broken. Nothing they can do about Fidelity’s rep’s failure to say anything enlightening except to ask if I wanted taxes withheld from the cash from the sale of the BABS, which signalled nothing to me at all at the moment. I had given nothing in writing to the FINRA rep, so this parting phone call led me to rehash the situation that brought me to that point. Fidelity had cut us off from communicating with our assigned financial advisor on 4/14/18, which perhaps I hadn’t told her about when verbally recounting my story. Would that be a rule breaker?Recently I recieved an additional 2017 Form 5498 showing an additional distribution from the BABS account of $14.11 and was told the account was closed, so it had to be distributed. Did the account have to be closed? It still appears on my Fidelity webpage as an empty Position.I’ve also heard from Fidelity that they’ve filed Form 8868 I’m sure as a result of our elevated income in preparation for filing a 990-T to show additional UBTI if their calculations show there is, and we will incur penalties and taxes if the 990-T must be filed. There’s no end to the fallout from the excessive RMD. This all makes the health insurance surcharge seem acceptable.Thanks again for any info you can provide.