I've recently discovered that E-trade rolled over my 401k into a cash account, instead of a IRA account, as I intended. The rollover happened one year ago.
The 401k administrator sent me a tax document reporting a regular rollover, and that is how I did my taxes at the beginning of the year. They also understood the intention was a rollover. The amount is close to $100k. The money was invested by e-trade (managed account) and I never cashed or deposited any amount on that account (I was thinking it was an IRA).
E-trade says they are not responsible, and there is nothing they can do for me. And that I should look for a CPA and fix my issues with IRS.
What should I do? Take the loss and pay all taxes and penalties? Sue E-trade? Other? Is there any way I can get the money back into an IRA?
Thank you for any advice!