T Rowe screwed up my 2022 Roth conversion...terrible customer service!

[simple girl]

So last fall we did a Roth conversion with T. Rowe. Their system wouldn't let me do it online (I think because we had I-class shares in the traditional IRA, and we would be converting to regular shares in the new Roth). So, we had to call and have a representative do the conversion for us.

I didn't realize until I went to do my taxes that they had described it as a non-taxable event. I went to look for my 1099-R...nothing...I then looked at the transaction in detail, and saw it was coded as "non-taxable" on both accounts. Geez!

We called them and after a long hold: "Yep, our mistake, we coded it wrong. We will have to create a case number and it will be corrected. Someone will call you when it is resolved, within 48 to 72 hrs."

They did fix the transaction, and it is now listed as a Roth conversion. Yay!

However, we have yet to receive our 1099-R.

Meanwhile no one ever calls us. We call them again and are told the forms will be mailed out next week sometime.

I had also messaged with them several times, during which the rep tries to tell us we don't need a 1099-R to do our taxes, we'll be getting form 5498 in May. When I tell him he's wrong, he writes back that we don't need the 1099-R because the conversion is non-taxable. Good gracious.

It's only after I ask that a supervisor call me that I get this response (still no phone call):

"After speaking with our Client Resolution Team, I can confirm that a 2022 IRS Form 1099-R will be generated showing your conversion. This form should be issued by the end of next week. We regret any inconvenience caused by this delay."

At least now I have it in writing. Hopefully we actually get it next week. I need to get my taxes done!

Ridiculous!

[MarieIG]

So sorry. So many places seem to make withholding and/or reporting errors. It's a good thing you caught it!

[simple girl]

Quote:

Originally Posted by MarieIG So sorry. So many places seem to make withholding and/or reporting errors. It's a good thing you caught it!

Thank you for the empathy, it's been so frustrating. I didn't realize it was common - first time I've ever had a significant issue like this.

[marko]

Long time TR Price client. They're generally pretty good, but I like to "Trust, but verify", as they say.

[MarieIG]

Quote:

Originally Posted by simple girl Thank you for the empathy, it's been so frustrating. I didn't realize it was common - first time I've ever had a significant issue like this.

I don't recall the exact numbers, but last year one of my transfer agents reported that they withheld $12 tax, when it was in the $15k range. I had to call them up and argue about it, before the customer service rep finally agreed to check on it, and another 1099 was sent.

[Dtail]

Sorry for your issue. The reps just can't the job done correctly.
I have my continuous issue with the IRS with not including my brothers' 1095A form with my form. Same issue every year despite a note sent to them.

[meleana]

Interesting. T Rowe Price screwed up my RMD for 2022 from an Inherited IRA. They withdrew the exact same amount that they did in 2021!


I won't even get into what I had to do to correct it when I finally realized it. They took out $600 too little.



The customer service there has gone way downhill. I have learned to make sure I use the Enhanced Personal Services Client (of which I am one) phone number for a bit better help.


I assume the Roth conversion I did on line was ok because I did get the 1099. WE also have some I-class shares in TIRA's so I will see what happens next year when I do another conversion.



I have already wrote a note to myself for next year to be on top of them when my next RMD is scheduled. Can't leave anything to chance now. So much for set it and forget it.

[simple girl]

Quote:

Originally Posted by meleana Interesting. T Rowe Price screwed up my RMD for 2022 from an Inherited IRA. They withdrew the exact same amount that they did in 2021! I won't even get into what I had to do to correct it when I finally realized it. They took out $600 too little. The customer service there has gone way downhill. I have learned to make sure I use the Enhanced Personal Services Client (of which I am one) phone number for a bit better help. I assume the Roth conversion I did on line was ok because I did get the 1099. WE also have some I-class shares in TIRA's so I will see what happens next year when I do another conversion. I have already wrote a note to myself for next year to be on top of them when my next RMD is scheduled. Can't leave anything to chance now. So much for set it and forget it.

Wow. I am definitely going to keep on top of them, too. Such a shame. I've been with them for years but am just now starting to do conversions and will eventually be doing withdrawals as we age - so I haven't had any concerns nor had to deal with customer service before. We don't have quite enough funds there to have access to the enhanced service number - drag. Thanks for sharing your experience.

[marko]

Quote:

Originally Posted by simple girl Wow. I am definitely going to keep on top of them, too. Such a shame. I've been with them for years but am just now starting to do conversions and will eventually be doing withdrawals as we age - so I haven't had any concerns nor had to deal with customer service before. We don't have quite enough funds there to have access to the enhanced service number - drag. Thanks for sharing your experience.

Making the enhanced client list doesn't seem to buy you anything anymore.

TRP seems to have undergone a shift in support infrastructure about 2 years ago.

I lost my long-time advisor, their response is lagging and the overall competence of those you talk to seems a bit light.

Thankfully, I only need them once or twice a year, mostly to manually do something that I can't do online, but yes, it is disappointing.