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Sent a distribution of funds variety to liquidate a self directed IRA on November six, 2023. I was told it might choose around 4 weeks before my cash are transferred to my banking account. Very well it’s been 8 months no money transferred still.
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Box 7 “Distribution code” describes the nature with the distribution. The least restrictive code is “seven”; for standard, penalty free distributions of a conventional IRA towards the qualified operator. Roth conversions will also be documented around the 1099R.