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  • I  have a check  made payable to my new IRA custodian, for the benefit of (FBO) my IRA. The customer service representative at the new custodian says that it should be deposited as a trustee-to-trustee transfer, and cites Treasury Regulation 1.401(a)(31)-1 Q-4 as the authority. However, the former custodian contends that it should be deposited as a rollover contribution within 60-days. Which of the two is correct?

  • I requested a distribution of $20,000 from my retirement account and elected to have 7% withheld for federal tax. However, the custodian withheld 10% without my permission and informed me that they are required withhold 10%. Is that true?