$180 over calculation

L1: $180 over calculationHello
Just got my first 1099-r coded “1” with Vanguard and the amount is $180 over the yearly calcuation for the sepp. The custodian transposed the figures on the intial lump payment. Called VG today and the guy was so rude telling me that I couldn”t change anything regarding the sepp, I tried to explain It was the first year executing and the sepp formula was way under to begin with and all I am trying to do is make sure that I get $180 payment more, as my set up monthly payments will be under if I do not recv this. Help.2007-01-26 14:40, By: nelson6171, IP: [204.87.68.252]

L2: $180 over calculationThat doesn”t sound like Vanguard. They are rarely, if ever, rude. Even if they can”t do what you want, they will usually explain the regulations that stop them from accommodating you.
i wasn”t sure from the wording of your e-mail whether you received $ 180 over the annual limit, or the 1099-R was 180 more than you received, as well as over the limit.
Anyway, call back and ask for a supervisor. (You might try Monday during the day if you can”t a supervisor over the weekend.) Since it was their mistake, they should be able to correct it. I”ve been able to get it done in similar circumstances. They don”t send the 1099-Rs to the IRS electronically until the end of February.
If you can”t get it resolved on your own, send me an e-mail at dlzallestaxes@msn.com, and I”ll try to get it corrected for you, or get you someone to contact their. (My daughter has worked at Vanguard for 14 years, so I have access to many people there directly.)2007-01-26 16:45, By: dlzallestaxes, IP: [4.175.9.238]

L2: $180 over calculationThank you so much for your reply. I appreciate this website so much! I did speak to a supervisor and got an apology. First of all, for their mistake and the consultant who spoke down to me(he was not versed in sepp language whatsoever). They listened to the original tapes in 06/06 (which is when the sepp began) where I asked for a 6month amount and then payments to be set up monthly according to amortized formula, which was under the fed rate. They had indeed transposed the original amount asked forthe period of (1/06-06/06). Therefore making the amount $180 over my yearly calculation.
I now will send them the $180 back and they will correct my 1009-R. It was the first year and had another option of adjusting payments to include the $180 in the yearly amount to be sepp. That is what I was trying to explain the rep. who could not grasp the solution, since he knew nothing of sepps. 2007-01-28 12:07, By: nelson6171, IP: [64.12.117.8]

L2: $180 over calculationHave always wondered if those recordings were really accessible, ever made, or just a bluff to fend off customer misrepresentations. I guess at Vanguard they are both done and remain accessible when needed.
It”s nice that you will apparently not have to treat this as a $180 rollover, which could have worked, but this is much cleaner with respect to your return, and also keeps your one rollover per account option open for the next 12 months.
2007-01-28 18:07, By: Alan S., IP: [24.116.66.98]

L2: $180 over calculationAlan:
Rest assured that when the rep states that you are on a recorded line, you really are on a recorded line. At the end of the conversation be sure to record the Confirmation information which may be a number, date-time group, name, or some combination thereof. Also, record the date and time you begin and end the call to help correlate the tapes. Depending on the time since the conversation in question … a few days or several years … will determine how long it takes for them to review the tapes and respond to you. But they do tape all conversations and they do review them to determine exactly what happened. If they screw up they”ll admit it. Likewise, if the investor is wrong they will point this out too.
Jim2007-01-29 07:00, By: Jim, IP: [70.184.2.72]

L2: $180 over calculationHi Nelson and others,
When I set up my 72t at Schwab last March, shortly after opening the IRA account, I submitted my request in writing (using the form from this site) and I included the datesfor my semi annual (3/30 and 9/30)payments each year for next five years, and never spoke with anyone at Schwab. My broker passed on the paperwork I filled out to them, and I later heard it was accepted. It sounds pretty scary to me to request a 72t or even just thepayment provisions via a recorded phone call, since you don”t have (easy) later access to that recording. It worked out well in this case, but I prefer looking at the hard copy of the DOC I sent Schwab, since we both have the same info in hand.
KEN2007-03-19 08:50, By: Ken, IP: [151.199.54.57]