finance






 

Question by  f (72)

What should I do about a 401k distribution mistake?

 
+6

Answer by  Stan (75)

You should immediately WRITE A LETTER to your 401K provider; Don't call them as that doesn't give you any documentation when the IRS comes calling. In that letter, explain the mistake and what you want the provider to do. Keep a copy of that letter before you send.

 
+6

Answer by  Att4372 (1704)

You have 60 days from the distribution date to deposit a 401(k) distribution into an IRA. If it's longer than 60 days, contact the IRS and request an exemption from the 60-day rule. Have a good reason for this request.

 
+6

Answer by  Danie (993)

For a mistake you found in your 401K account, it would make sense to contact the company which handles your 401k for your company. You can look their name up online and obtain a number which you can call to speak with a representative.

 
+4

Answer by  tamarawilhite (17883)

Contact the investment firm and have the extra funds put back as soon as possible so that you do not get taxed and penalized for the withdrawal. If an under-distribution was done, then contact them and ask for the rest of the money.

 
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