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Vanguard messup?
Old 01-01-2006, 09:43 AM   #1
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Vanguard messup?

I just tried to make my Roth contribution for 2006 at Vanguard, but it says my 2005 contribution was $3K when it was actually $4K, and it says my 2006 contribution is $4K, when I haven't yet made a contribution.

2005 Contribution* ** * * * * * * * * * * * *2006 Contribution*

Maximum allowed contribution** $4,000.00* *Maximum allowed contribution** $4,000.00
Your Vanguard® contributions $3,000.00* ** Your Vanguard® contributions $4,000.00
You can still invest … $1,000.00** * * * * You can still invest … $0.00

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Re: Vanguard messup?
Old 01-01-2006, 10:09 AM   #2
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Re: Vanguard messup?

Sorry, they were supposed to tell you that the 2006 contribution was an anonymous gift.
I didn't have anything to do with the 2005 contribution, was probably a Vanguard error.

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Re: Vanguard messup?
Old 01-01-2006, 12:19 PM   #3
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Re: Vanguard messup?

(On a more serious note) I just remembered I had a broker screw up a Roth conversion once.

My instructions were clear as day to do partial conversion, listing the shares to convert on their form with proper boxes checked, but they did a full conversion.

They admitted the form was filled out perfectly correctly, and corrected the transactions quickly. But later, I got the tax form from broker showing the full conversion amount. IIRC, they had said when they made the earlier corrections, would be no problem with tax reporting.

I kept calling (and, I think, writing) but it took many tries to get them to really fix it instead of just promising that it was fixed, or would be in a few days. They also told me on the phone that the correct info was given to the IRS.

Later, I got an audit-type/revised taxes (or whatever they call it) letter from the IRS, because the info given to IRS from the broker showed the full conversion. I already had a corrected/revised form from the broker, and submitted it to IRS.

So, I do suggest you get the errors corrected quickly. I don't know how you can check that Vanguard really gets the correct info to the IRS.
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