The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/ira-rollover-tax-withholding-12796261.aspx

Subject:  IRA Rollover Tax Withholding Date:  6/25/2000  10:52 AM
Author:  Cardsany1 Number:  36878 of 121061

My fiancee recently left her job and decided to roll over her 401k account. She rolled over her account into a traditional IRA account and then converted the traditional IRA account into a Roth IRA account. Unfortunately, she did not fill in the account application section which would have waived all federal withholding tax. Her account is now 10% lighter and I suspect she is also subject to a 10% premature distribution penalty tax. Is there anyway to fix this error either now or on her tax return?
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us