> So - you investment/tax experts. What's the scoop? Will there be an > additional 10% penalty? I'm sure the state will want its cut of taxes, > since only fed taxes were removed. How big will the "credit" be? > Thoughts?
Not an "expert" but I'll tell you that when I did the same thing the exact thing happened to me. What happens is this: The company that had the old retirement account is required by law to hold taxes - use the check they sent you to open the IRA. Once the IRA is opened your new retirement company can request the taxes that were withheld from the governing party of the old retirement account. Put the tax money into the IRA without the penalties. It's a 100% rollover - I just verified this process with my office mate, a very nice accountant that handled my rollover last year. Don't panic, you'll get all the money back that you put in; it just takes some time. Hatton ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Discover CFTicket - The leading ColdFusion Help Desk and Trouble Ticket application http://www.houseoffusion.com/banners/view.cfm?bannerid=48 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:152530 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
