Current best place to roll over 401k to get money to pay taxes
Already took RMD this year. Need to pay taxes and must take full distribution in order to get any money out. Have about $40k in 401k from my deceased husband and am 78. Only have social security income. Usually take about $8k year in withdrawals from 2 401k’s, but the other 401k is gone as of last year. I have no idea where to move this money.
Terry Says
Wait, I’m a bit confused.
First, did you know that you were not required to take an RMD this year? And if you don’t need it and still have the money, you can put back by August 31st, no penalty.
And there is no rule that you have to take a “full distribution” to take some money out! Where did you get that idea?
Have you talked to a tax advisor to find out what you will owe in taxes? Did they withhold taxes on that first distribution? Ask the 40l(k) custodian.
It seems you have a lot of wrong information about your 40l(k) — and your plan custodian will be the one to help you with specific requirements.
