You Asked Us - Rollovers and Transfers
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Q: Assuming I am eligible to make withdrawals from my qualified plan or 403(b) account, can I rollover the withdrawn amounts to my IRA? Click here for answer
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Q: I received $100,000 in rollover eligible assets from my 401(k) account, but I had the amount paid to me. My employer withheld 20% for federal taxes, so I received only $80,000. I want to rollover the entire $100,000. Should my employer refund the amount they withheld for taxes to me? Click here for answer
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Q: I received a distribution of rollover eligible assets from my 401(k) plan and later rolled over the amount to my IRA. The rollover was completed within the 60-day period, including the amount that was withheld for taxes, which I made up from my regular savings. How should I report the transaction on my tax return? Click here for answer
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Q: I recently took a distribution from my 401(k) account and the amount was rolled over to my traditional IRA. I now want to take a distribution from the IRA and rollover the amount within 60-days. However, I am receiving conflicting information about two things. I am being told that the distribution from my 401(k) account to my IRA is a rollover and I am also being told it is a transfer. I am also being told that since I rolled over the contribution to my traditional IRA within the last month, I cannot do a distribution and rollover of that IRA money until next year because of a once-per year rule for rollovers. What is the correct answer? Click here for answer
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