iguesswhatevs OP t1_jad7e8c wrote on February 28, 2023 at 4:25 PM

Reply to comment by nothlit in Just got my check from former employer closing my 401k account by iguesswhatevs

So what you’re saying is that 21% federal income tax PLUS 10% withdrawal fee?

iguesswhatevs OP t1_jad71oc wrote on February 28, 2023 at 4:23 PM

Reply to comment by Werewolfdad in Just got my check from former employer closing my 401k account by iguesswhatevs

Wait so $21 on top of the $210 or a total of $231 and where did you get that number?

iguesswhatevs OP t1_jad6mvy wrote on February 28, 2023 at 4:20 PM

Reply to comment by _Nuba_ in Just got my check from former employer closing my 401k account by iguesswhatevs

What if I just deposit that as a rollover into my personal Roth IRA? People are saying I still need to pay more penalties which I don’t understand. If the balance was 10k and the check is 8k, then I already paid my federal taxes. What other penalties do I still owe??

iguesswhatevs OP t1_jad6cn6 wrote on February 28, 2023 at 4:18 PM

Reply to comment by Werewolfdad in Just got my check from former employer closing my 401k account by iguesswhatevs

I’m so confused. So you’re saying that, say I have $1000 and I pay $210 or 21% in federal taxes, I still have MORE penalties to pay?

Becuase my check basically shows the $790. And if I already paid my taxes then what else do I still owe?

iguesswhatevs OP t1_jad5r3r wrote on February 28, 2023 at 4:14 PM

Reply to comment by nothlit in Just got my check from former employer closing my 401k account by iguesswhatevs

Wait so I’m being taxed on the 20% that has already been taxed?? I don’t understand that. The 21% is just federal taxes withheld from me

iguesswhatevs OP t1_jad42v7 wrote on February 28, 2023 at 4:03 PM

Reply to comment by nothlit in Just got my check from former employer closing my 401k account by iguesswhatevs

Read my edit and see what you think

iguesswhatevs OP t1_jad3qfe wrote on February 28, 2023 at 4:01 PM

Reply to comment by Werewolfdad in Just got my check from former employer closing my 401k account by iguesswhatevs

What do you mean deposit it should be? I can deposit, say, $1000 if there’s only $790 on the check.

Since I already paid taxes on it, what if I just put into my personal Roth IRA and select 2022 roll over?