FACTA (interaction with IRA Rollover
I’ve got what I believe is a “one off” question.
IRA custodian (Insurance Co) will not release the assets until a W9 form is completed by the new custodian. being told this is a new requirement due to FACTA
Does this make any sense?
Thank you
Permalink Submitted by Alan - IRA critic on Tue, 2015-01-27 22:05
Strange. If proper TIN not provided when new account was opened. I wonder why the new custodian did not request it. Are any foreign addresses or entities involved? Is this a rollover or a direct transfer?http://www.irs.gov/pub/irs-pdf/fw9.pdf
Permalink Submitted by ShipsnGiggles on Wed, 2015-01-28 16:26
trustee-to-trustee transfer
Permalink Submitted by Jose Morales on Thu, 2015-01-29 00:28
To clarify, are they asking for the new custodian to verify their own TIN on a W9 or verify the client’s SSN on a W9? I’m getting the feeling that they are asking for the new custodian to certify on a W9, maybe to show that they are not an FFI? If they are, doesn’t make any sense.