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Author: Dogpile99 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76398  
Subject: Re: No-Direct 401K Rollover Date: 8/7/2001 1:22 PM
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Need some help.

Recently, I received a 401K distribution check, payable to me, from my previous employer with 20% deduction... etc . ( I know, i know i should do a direct rollover... but... :-)


Here is a good article that addresses your question:http://401k.mpower.com/commentary/feature/feature_072400.xsp

Also, if you want to avoid all taxes and penalties, you must make up the 20% when you move it to the new 401K or IRA.

If you have time, you might tear up the check and tell the old employer to send it to the new plan or IRA custodian.

Good luck,

Dogpile :-P

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