Hello, what should I do if I received a check from a closed 401K from a former employee and I am less that 59 1/2? I worked with them only one month this year, I didn't like the job so I resigned. I totally forgot I had 401K with them. I received this check recently for a few hundred dollars and they withhold about 10% of the total for tax purposes. I read that when this happens, I should deposit the full amount in another retirement account like an IRA plus the amount withhold for taxes, is that correct? I tried to do it and the bank where i have my IRA told me I shouldn't do that... so I am confused. Can someone guide me? Thanks in advance.
