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BrendaB651
April 8, 2024
Solved

Rolled $225,167 from 401K. 401K manager withheld $45,033. deposited balance ($180,134) into IRA at bank. reported the amount rolled as $180,134. Just want to verify?

  • April 8, 2024
  • 1 reply
  • 0 views
Only deposited the $180,134 into IRA at Bank.  Just want to verify that this is correct answer.
Best answer by dmertz

You rolled over only $180,134.  The $45,033 withheld for taxes remains a taxable distribution to you, includible on Form 1040 line 5b and, if you are under age 59½, subject to an early-distribution penalty on Form 5329.

1 reply

D
dmertzAnswer
Employee
April 8, 2024

You rolled over only $180,134.  The $45,033 withheld for taxes remains a taxable distribution to you, includible on Form 1040 line 5b and, if you are under age 59½, subject to an early-distribution penalty on Form 5329.

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