Does a $100k 401(k) withdrawal have to go back into the 401(k)?
If I withdraw $100k from my 401(k) in 2020 with the plan to return the $100k within 3 years, does the $100k have to go back into the 401(k) it came from or could I put the $100k into my TIRA or even another 401(k) plan with a different emmployer (if I changed jobs in the interim) and still get to amend my tax reuturns so as to avoid the taxes on the 2020 401(k) withdrawal?
Thanks.
Permalink Submitted by Alan - IRA critic on Thu, 2020-04-02 19:54
It can be rolled into any eligible retirement plan, although some 401k plans will not accept rollovers from IRAs or other employer plans. In other words, the CARES Act allows these rollovers, but in some cases the plans may not accept them.