Did you know that just holding an uncashed check from your IRA counts as "taking possession" of the Money? 😲 In this video, we share a cautionary tale about a $570,000 mistake that triggered a massive tax bill—all because of a misunderstanding of IRA rollover rules.
Retirement Planning is complex, and "doing it yourself" can lead to irreversible errors. Learn why expert guidance is essential when handling large distributions and tax documents like the 1099-R. 📉
What you’ll learn in this video:
– Why uncashed IRA checks are still taxable income.
– The dangers of "indirect" rollovers and the 60-day rule.
– How professional CPAs and lawyers help fix complex IRA problems.
Questions? Email us at [email protected], call us at (919) 535-8261, or visit our website at https://cardinalguide.com/
Hans “John” Scheil is the author of The Complete Cardinal Guide and has over 40 years of experience specializing in helping individuals at or near retirement. John’s insurance career began at the age of 18, when he sold insurance while attending college full time. His years in the insurance industry included positions as a Branch Manager, National Sales Director, and Senior Vice President for several nationally recognized insurance companies. John holds a Bachelor of Science degree from Northern Illinois University (1980) and a Master of Science in Management from The American College (2007).
John resides in Cary, North Carolina, with his wife, Ronda, and dog, Ellie, and has two grown sons. He is involved locally with StepUp Ministries and the Alzheimer’s Association. John enjoys golf, traveling the world, and leadership.
