Last week I withdrew all of my 401k from an old employer, they withheld 20% for taxes. Now I want to put that money into an IRA. How much do I need to put into IRA to avoid penalties?
For example the 401k had 20k in it, they gave me check for 16k after 20% withholding. Do I need to now put 20k into IRA or 16K?
This is all within the 60 days limit period allowed to rollover.
