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Asked 1/27/2009
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How do I roll-over my 401K if they issued me a check in December? I quit my old job in October, and was told they would contact me about my 401K I had with them. I did not hear anything until I received a check in the mail in December. The check had Federal taxes taken out. I want to put all of the money into an IRA or some type of retirement account. How do I do this with the least penalty, since it is the next year? |
Answer 1/1 - Submitted 1/29/2009
If they took the taxes out, you can still roll within a certain time frame -- but you will have to make up the tax difference.(out of pocket) this is the only way to avoid the penalty. -- If the distribution was done in December it was already reported to the IRS and you will receive a 1099r within the next few days. Depending on the administrator they may take it back and let you fill out forms to roll it over. (Doubtfull as they would have to reverse the transaction and IRS reporting but worth a try if it was a lot of money)
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