Updated almost 6 years ago on . Most recent reply
What to do with 401k after leaving old company?
So my old job withdraw my 401k and send me a check. What happens after that like will I get penalized upcoming tax season or can I put that money towards my new job 401k??? Please help.
Most Popular Reply
@S Lord As @Anthony Wick say, you need to deposit it (or equivalent funds) into a rollover IRA within 60 days of the date the check was issued. If they withheld any taxes, then you will need to deposit an amount equal to the tax deduction into your IRA as well. Otherwise, you will pay penalties and taxes on the tax withheld.