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Rolling over retirement account using indirect disbursement?

Posted on 10/26/20 at 9:11 am
Posted by mchias1
Member since Dec 2009
967 posts
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Posted on 10/26/20 at 9:11 am
I rolled over a retirement account to another one. I did the indirect as we used the money for a house down payment "loan" for a week until we closed on our old house.

The previous account withheld 20% for taxes. I just read that I was supposed to come up with the 20% out of my own funds to put into the new account.

Did I screw myself on taxes this year assuming I will have to pay taxes on the withheld 20%?
This post was edited on 10/26/20 at 9:13 am
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Posted by Shepherd88
Member since Dec 2013
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Posted on 10/26/20 at 9:40 am to mchias1
Yep
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Posted by 1609tiger
Member since Feb 2011
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Posted on 10/26/20 at 6:47 pm to mchias1
Is your 60 day window over?
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Posted by mchias1
Member since Dec 2009
967 posts
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Posted on 10/27/20 at 6:15 am to 1609tiger
Yes, a couple weeks ago.

Luckily the taxes should only be a % of the 20% but still pisses me off that this info was buried in a document separate from my disbursement filing. Really didn't think I'd have to cover money they withheld for taxes.
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Posted by CrawfishOfWallstreet
Member since Oct 2020
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Posted on 10/27/20 at 11:38 am to mchias1
Well the larger damage is that your taxable income was increased by the 20% that you failed to put back in.
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