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SCENARIO: Phyllis maintained an IRA account at the brokerage firm ABC. On February 1 1 of the current year, she requested a check for the
SCENARIO: Phyllis maintained an IRA account at the brokerage firm ABC. On February of the current year, she requested a check for the balance of her account. She received the check made out in her name and deposited it the same day in a new IRA account at the brokerage firm XYZ Phyllis then requested a check on May from XYZ which was deposited in another new IRA account days later. Is the May distribution taxable to Phyllis?
Can I get a detailed explanation of why this may or may not be the case? are there any tax codes that reference this?
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