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April 5, 2021
Question

I got a .59 cents from my IRA when it closed out this year. It was supposed to close in 2019, but for some reason .59 cents was left. Do I have to file additional forms?

  • April 5, 2021
  • 1 reply
  • 0 views
Is there a filing cutoff for IRA withdrawal amounts?  It's essentially a bookkeeping error on Fidelity's end that resulted in them cutting me a .59 cent check.  
I'd rather not file extra forms and jack up my filing expenses over .59 cents if I don't have to.

1 reply

ColeenD3
April 5, 2021

Technically, you are supposed to round up to $1, but I don't think you will be penalized for omitting it.