Questions & Answers

How much is my rollover if my old employer withheld 20% of my distribution for taxes?

The amount of your rollover is the actual dollar amount you moved into your new employer retirement plan or into your IRA account.

For example, if your total distribution was $1,000, but your old employer only sent you $800 because they withheld $200 in federal withholdings, then your rollover is $800 if you moved $800 into an IRA account. If you moved $1,000 into the IRA account (you added $200 of your own money to equal the amount of federal withholdings), then your rollover is $1,000.

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