Mistake
A client did not want a full distribution. The company said they cut out taxes and mailed him a check and said he can reinvest somewhere else. What can he do to reverse the transaction?
A client did not want a full distribution. The company said they cut out taxes and mailed him a check and said he can reinvest somewhere else. What can he do to reverse the transaction?
Permalink Submitted by Alan - IRA critic on Thu, 2017-09-28 22:53
If this is a retirement plan, the only thing he can do is roll the distribution plus the amount withheld to an IRA within 60 days. He will have to come up with the withheld amount from his other funds.