Reply To: Incorrect coding after 1035 on inherited non-qualified annuity with RMD

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#1872
DTASFAB
Participant

We have confirmed that Nationwide has the correct tax basis information and other details regarding the titling of the account/contract. Morgan Stanley is very aware of this and they know what they have to do, which is to get Nationwide to look at the original 1035 transfer documents and fix their error. The MetLife documents they sent to Nationwide and CC’ed to me at the time of the 1035 were all 100% correct.

The problem is that the Morgan Stanley guys have been taking some time off around the holidays, and when they’re in the office, they’re busy making sure their other clients have actually taken their RMDs. The other problem is that Nationwide is employing monkeys who randomly punch buttons on their computer keyboards and even when escalating the issue to mid-level service reps, the problem still hasn’t been fixed.

I will contact Nationwide myself later this week, after the new year (since December 31 is likely to be a madhouse for them), and escalate it as high as possible. If I don’t have any luck dealing directly with Nationwide myself, I will demand that the guys at Morgan Stanley escalate it up their internal chain so we can get more assistance from higher up in the company (on the Morgan Stanley side).

My main concern is that something would have to be done by this Monday, the 31st. But from your post, it seems as long as the problem is fixed before the 1099-R is generated in late January or February, I should be fine. Thanks for your help.