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kyleheidemann25

Solved

Recently had to open a Roth IRA with my bank to insure my Roth 401k from my employer went to the right place. They sent it to my checking. what should I do?

Forum|Forum|1 year ago
January 14, 2025
1 reply
0 views

I recently quit my job and had to insure the Roth 401k funds go to the right place. It somehow went to my checking instead of Roth IRA. I'm unsure what to do in order not to get penalized.

Best answer by VolvoGirl

When did it happen? If you got the deposit in the last 60 days you can just move or transfer it to the ROTH IRA account. If it's been longer than 60 it might be considered a distribution. I'll page @dmertz to confirm

VolvoGirlAnswer

Employee

When did it happen? If you got the deposit in the last 60 days you can just move or transfer it to the ROTH IRA account. If it's been longer than 60 it might be considered a distribution. I'll page @dmertz to confirm

kyleheidemann25Author

This happened this month. I contacted my bank and they just told me to memo a transfer stating it's a rollover. But I'm worried that I'm going to have to pay penalties since it touched my checking account.

Employee

No that should be ok. You have 60 days to roll it over.