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Asked 3/15/2010
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By mistake my 401k was sent to a savings accout .they with held taxes and I want to move it to my new 401k will i be pentaliz By mistake I had my old 401k sent to a savings account. It is within 60 days, the old 401k took out taxes and I wan to move it into my new 401k will I be pentalized next year? |
Answer 1/1 - Submitted 3/16/2010
Whose "mistake" was this? If it was the administrators mistake and you CLEARLY stated you wanted the check made out to the new company.. they will take the old back and reprocess the distribution as a rollover. If it was your mistake, you can put into the new plan.. but you will personally have to put in the amount taken for taxes. The entire amount should be rolled (including the tax amount) -- you will then have to file next year showing the entire distribution amount was deposited into a qualified plan.
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