State Farm Bank Bank Account Or Service Complaint

State Farm Bank Bank account or service department,

(CD) Certificate of deposit Account opening, closing, or management Illinois

I opened a traditional IRA for $6500.00 with State Farm Bank in - -, for tax year -. The agent erroneously identified the account as a rollover. I did not notice the error until this year when I did my - taxes. When I asked the agent to correct the error, she said it was too late and that I should instead amend my - tax return. The bank offered to reimburse me for the nearly $2000.00 in additional income tax, but not for any penalty or interest, nor for the additional tax I would owe for - on the $2000.00 reimbursement. I have repeatedly asked why the bank ca n't just issue me a form - for -, which I understand would cost them only a $50.00 late penalty rather than $2000.00. To date, the only reason I have been given is that the deposit was coded wrong. '' I do n't see anything in IRS regulations to prohibit issuance of a - form - now. To complicate matters, the bank decided to change the $6500.00 IRA account I opened in - -, for tax year -, as being for tax year -. Any assistance you can offer to resolve this mess would be appreciated.