MinhT1
Expert Alumni

Retirement tax questions

The IRS says in this IRS FAQ:

 

Effective January 1, 2018, if the plan loan offset is due to plan termination or severance from employment, instead of the usual 60-day rollover period, you have until the due date, including extensions, for filing the Federal income tax return for the taxable year in which the offset occurs.

 

So you have until April 18, 2023 (or October 15, 2023 if you apply for an extension to roll the amount over to another retirement such as a Traditional IRA to avoid taxation of the amount offset.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"