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In response to
"it's partof federal law. The amount varies depending on how current the document is. Balances below either $5,000 or $1,000"
by
decline
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oh, and even if you are cashed out and the automatically deduct the 20% taxes, you can still roll it over
Posted by
decline (aka Decline)
Oct 21 '08, 06:25
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You have 60 days from receipt of the check to do so, but you must also make up the taxes. You'll still receive a 1099 at the end of the year, but can offset that by proving you did the rollover.
On the other hand, many plan administrators will redo the cashout for you as a rollover if you ask and avoid the whole making up taxes thing.
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