Hi Volvo Girl,
I appreciate your reply, but I am still confused. Here is the story:
I wanted to transfer the entire balance from my 401a (I am no longer employed there) to my Roth IRA at my bank. The form I completed mistakenly directed the funds be direct deposited to my checking account, rather than in a check payable to the bank FBO me. The funds were deposited to my checking account on 4/9/25.
When I tried to transfer the funds to my Roth, I was told only $8000 could be deposited. In researching, I am finding I will be penalized (IRS) since I touched the funds and they were not Trustee to Trustee transfered. Do I need to open a second Roth to transfer this amount from my checking account?
Im not sure I understand the process of depositing an additional 20%..
In answer to the RMD, I have not yet taken care of this. I just retired in Oct 2024 at age 73. Do I have till December 31 of this year to take my RMD for this year?
Thanks for your help!
