IRA Converted to CD - Tax Liabilities ?
posted at 3/23/2013 10:48 AM EDT
My wife was convinced by a bank broker to convert an IRA into a CD. So now we have 1099-B Proceeds from Broker and barter Exchange, that indicates that that information is being provided to the IRS but short term and Long term transactions basis are not reported - and we should report on Form 8949 ? We didn't receive any payout - not 1 Cent. I can't see how to report this ? I am liable to tax on the interest earned in the IRA, now ? What happens when the CD matures - if we pay tax on that, isn't that double taxation ?