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unthused OP t1_ja8h7tx wrote

Reply to comment by lucky_ducker in Old 401k and taxes; figuring out options and how much I may have screwed myself by unthused

As far as I know it's still with the same provider (Voya). So if it was moved to an IRA, which is evidently taxable, do I have access to those funds to pay the tax burden? I definitely cannot remotely afford it otherwise, so fingers crossed.

100% aware that this is on me, I had a lot going on at the time (it was my family's business that closed) so between having to put together a resume and job search for the first time while severely stressed out, it got put aside and forgotten about.

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lucky_ducker t1_ja8jmca wrote

>So if it was moved to an IRA, which is evidently taxable, do I have access to those funds to pay the tax burden?

A direct transfer from 401(k) to IRA - or 401(k) to a different 401(k) - is not a taxable event at all.

A 1099 showing a distribution does not imply that it was a taxable event. You do need to figure out where the funds ended up, in case the IRS wants to know.

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