Hi Todd:
1. Fidelity put the money into a retail account.
2. Fidelity took the 20% taxes out of the withdrawal and sent it to the IRS.
3. Because Fidelity took 20% out for taxes, we could not rollover all of the 401K money to the IRA. We rolled over the entire amount minus 20% for taxes.
4. We did the withdrawal in June, 2020 and within 6 days we rolled it over to the IRA.
5. What is the meaning of the IRS giving taxpayers 60 days within which to rollover a 401K withdrawal into an IRA?
6 I clicked on Forms in TT, but it is not going to the 1040. It went directly to the 1099-R form.
I have used TT for 21 years. I always pay for Audit Defense and the right to contact a TT tax expert. However, there is an excessive 1 hour wait to talk to TT.
Donna
