401k/beneficiary/inherited Ira question
401k question for state of Texas..my father passed away March 2013. Prior to him passing he withdrew like $3000 and after taxes the check was $2400. After he passed I had the remaining 12k balance moved over to my inherited IRA but I still had the $2400 check he withdrew. They advised me to just void out the check and those funds would rollover to me. They mailed a new check to the estate of my father, which I can’t do anything with because my father had no will and didn’t have enough assets to go through probate. I had my attorney draw up an heirship affidavit to transfer property title and his vehicle. The 401k company told me (at that time) that they couldn’t transfer the funds to my IRA because he already had taxes taken out. The check went limbo and was never deposited to any sort of checking acct. I filed my fathers 2013 taxes along with his 401k tax statement. At the beginning of 2014, the unused $2400 was put back into his account not the original $3,000. My question is now that the 2013 taxes are over and that money has been sitting there now for 2 years shouldn’t that transfer to my IRA now? Also if that was an unused check, shouldn’t the full $3000 go back in and still accrue interest like the $2400 has been doing the past 2 years? Any help would be great.
Permalink Submitted by Alan - IRA critic on Tue, 2016-02-02 16:50