VOYA SEC 12B1 Remediation Checks

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GeoMetry
Posts: 241
Joined: Mon Jan 31, 2011 7:26 pm

VOYA SEC 12B1 Remediation Checks

Post by GeoMetry »

I received three checks from VOYA. Years ago they were the custodians of some of my IRAs. The statement on the check stub says:
Please note that this payment may be a taxable event. A Form 1099, if issued with respect to this payment, will be issued by the Qualified Settlement Fund described in the SEC order and not VFA or your current or former account custodian. If the above referenced account was an IRA, you may be able to deposit these funds into another IRA that you own within 60 days without experiencing a taxable event. The Firm encourages you to consult your tax professional about any potential tax implications associated with this payment.
Nothing on the check or the stub indicates the account type, the last 4 digits of the associated account number were provided on each check stub which enabled me to determine the account type by looking at my statements from 2015. The first check is associated with a Roth IRA, the second check is associated with a traditional IRA and the last one with a taxable brokerage account. I would like to just deposit the checks associated with the Roth and traditional accounts into my Vanguard Roth and traditional IRA. What issues do you think I will encounter?
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WoodSpinner
Posts: 3499
Joined: Mon Feb 27, 2017 12:15 pm

Re: VOYA SEC 12B1 Remediation Checks

Post by WoodSpinner »

OP,

I don’t see any issues as long as you do it with8n the 60 day window.

I would make sure I could document the source of the funds….

WoodSpinner
WoodSpinner
BogleTaxPro
Posts: 642
Joined: Sat Apr 04, 2020 6:08 pm

Re: VOYA SEC 12B1 Remediation Checks

Post by BogleTaxPro »

In other words...be sure you tell the custodian that these are rollovers, not contributions. :)
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