I have sent in two postings regarding my bank IRA tax problem. So far I haven’t received any professional answers. The posts were Aug 9 and Aug 12. This is in reference to the bank showing accrued interest on 12-31 and including the interest on the fmv. This means that I am paying extra taxes because this amount is part of my RMD. The next year they show the complete year interest and also includes that in the FMV. Part of this posting includes the accrued interest which has already been included as part of my FMV and paid taxes through my RMD.

Somehow I can’t get the authorities such as FDIC, OCC and other supposedly regulators of banks to take action. I have been researching this problem and mostly everybody agrees wilth me in that the bank has no right to do this. The bank comes back and says that there is no one that tells them not to do it.

I’m hoping to find someone that has come up with this problem as it not only affects me but many other people here in Pittsburgh. The problem is that not many people check their IRA-CD as closely as they should.

Even the IRS agrees with me, but they say that the bank is directly responsible for this error and the bank should correct their Form 5498 when they send it in to them.

Somewhere there has to be someone that has come up with this problem. This cannot go un-noticessed by everyone. My other bank does all the calculations properly and everything comes out to the penny.

One of my other problems is to get answers in writing. There seems to be some sort of situation where people are afraid to put it in writing.

Id appreciate any information from anyone.