Amen to this. It is my recollection that there is no tax penalty as long as your hands never touch cash but I am hazy on the details and this is where my speech rate speeds upandImentionthat
Iamnolongeralicensedfinancialprofessional and pastperformanceisnoguaranteeoffutureresults and consultyourtaxprofessional Dana On Apr 1, 2005 12:06 PM, Cameron Childress <[EMAIL PROTECTED]> wrote: > I would: > > 1) Not deposit/cash that check until you... > 2) Talk to an investment advisor outside of your Credit Union. > > This is a sticky situation, and one that I for one am not willing to > touch. If you are not sure who to trust, ask your CPA if they can > recommend someone, there are certainly exceptions, but IMHO a Credit > Union usually isn't going to be the very best place to get investment > advice. > > -Cameron > > -- > Cameron Childress > Sumo Consulting Inc > http://www.sumoc.com > --- > cell: 678.637.5072 > aim: cameroncf > email: [EMAIL PROTECTED] > > On Apr 1, 2005 6:33 AM, Deanna Schneider <[EMAIL PROTECTED]> wrote: > > So, my husband's company went belly up and he had a small retirement > > plan with them. Since they're belly up - he had to roll over his > > retirement plan into an IRA or something. So, he went to the credit > > union and talked to them and they took the paperwork to send to the > > investment company. > > > > Lo and behold, we get a check for Aaron's retirement - as a cash out - > > not as a rollover. With all the federal taxes taken out, of course. > > The investment firm says they never got the paperwork. > > > > Sooo, the question is - how would you handle it? The investment firm > > says they can't "un-do" the cash out, but if he puts it back in an IRA > > he'll get a "credit" on 2005 taxes. My coworker says that if he > > doesn't put it back in an IRA, he'll get an additional 10% penalty > > taken out. I say he's sort of screwed in that even if he gets a > > credit, it's on the remaining money and the tax that's already been > > taken out is gone for good. (IE the credit I doubt will equal the tax > > removed.) > > > > But, I don't really know much about this stuff. The best case scenario > > would be to someone get the credit union to either prove that they > > sent the paperwork or prove that they fucked up and make them work > > with the investment firm to "un-do" the cash out. But, the chances of > > that happening are slim. > > > > 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? > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| 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:5:152622 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=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
