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Started By
Message
Got a check from 401K in the mail. Question about it.
Posted on 12/1/16 at 6:11 pm
Posted on 12/1/16 at 6:11 pm
It's only $250.
It was from a job I recently left. Being that it's only $250, I was planning on just cashing it/depositing it and not putting it back into my 401K.
If I do that, what is the penalty? Not really sure how to handle it. If it was bigger, I'd just put it back in the 401K.
TIA
It was from a job I recently left. Being that it's only $250, I was planning on just cashing it/depositing it and not putting it back into my 401K.
If I do that, what is the penalty? Not really sure how to handle it. If it was bigger, I'd just put it back in the 401K.
TIA
1
Posted on 12/1/16 at 6:20 pm to King of New Orleans
are you under 59.5?
if so, was a 10% penalty withheld?
Did you withhold federal and state (if applicable) income tax?
you will be responsible for all of those. A lot of time the penalties and income taxes are withheld though.
if so, was a 10% penalty withheld?
Did you withhold federal and state (if applicable) income tax?
you will be responsible for all of those. A lot of time the penalties and income taxes are withheld though.
Posted on 12/1/16 at 6:25 pm to 3morereps
I'm 32.
As far as I know, all things were withheld. I always had federal and state taxes taken out of my checks.
I'm assuming the 10% was taken also.
As far as I know, all things were withheld. I always had federal and state taxes taken out of my checks.
I'm assuming the 10% was taken also.
Posted on 12/1/16 at 6:34 pm to King of New Orleans
Tennessee or Louisiana state taxes?
Posted on 12/1/16 at 7:08 pm to Paul Allen
Why the hell would it be Tennessee? It's Louisiana.
Posted on 12/1/16 at 8:43 pm to King of New Orleans
Absolutely worst case scenario you own your tax rate plus the 10% penalty, so maybe 40% at worst case. For $100 just cash it and deal with it at tax time IMO.
Posted on 12/1/16 at 8:59 pm to King of New Orleans
Didn't you move to Nashville?
Posted on 12/1/16 at 10:59 pm to Paul Allen
Oh no. Stayed in BR. Didn't mean to sound like a dick. 
Posted on 12/2/16 at 9:28 am to King of New Orleans
If you didn't request it then it is a force cash out. Only 20% federal has likely been withheld if that is the case.
I would just take the cash as it is so small but your other option is to deposit the gross amount (before withholding) in an IRA within 60 days. Then when you file taxes you would have to prove you processed it as a rollover and get the original tax withholding back from the IRS.
I would just take the cash as it is so small but your other option is to deposit the gross amount (before withholding) in an IRA within 60 days. Then when you file taxes you would have to prove you processed it as a rollover and get the original tax withholding back from the IRS.
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