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Retirement tax questions
@angeladeets wrote:
Thank you so much. Is he able to cash the check and return a portion within 60 days to avoid the tax/penalty?
I apologize. While I said "in general", hardship withdrawals can't be rolled over. I suppose that you don't really have an immediate financial hardship if you are just rolling the money over to a different investment.
At best, the entire amount has to be returned, and then the employee could request a smaller amount. At worst, the employee is stuck with what they requested. I will try to find out more, but we can also wait for @dmertz who is our definitive authority on this forum.
‎December 1, 2023
12:43 PM