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Level 1

Question

taxes withheld from IRA rollover

Forum|Forum|4 years ago
January 26, 2022
1 reply
0 views

My wife rolled over an IRA from CapOne to Etrade, but CapOne decided to just cut her a check. Unfortunately they also withheld state and federal taxes. Is there a way to recoup those funds back into her IRA?

Level 15

Within the 60 day time frame, you can use your own money to compensate for the taxes taken out. If you miss the 60 day window, then you will have to include the taxes as income. You will have to let the program know the amount that you did rollover. Your form from Capital One will probably just show a distribution of the full amount.

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