Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
banks-briand
Level 1

Do I have to pay the 10% early withdrawal penalty if my employer cashed out my pension when they were bought out? Was not given the option to roll because of the $ amount

 
1 Best answer

Accepted Solutions
ThomasM125
Expert Alumni

Do I have to pay the 10% early withdrawal penalty if my employer cashed out my pension when they were bought out? Was not given the option to roll because of the $ amount

You will have to pay the penalty, as you could have put the distribution you received into another IRA on your own. You were allowed sixty days to put the funds into another retirement account.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
ThomasM125
Expert Alumni

Do I have to pay the 10% early withdrawal penalty if my employer cashed out my pension when they were bought out? Was not given the option to roll because of the $ amount

You will have to pay the penalty, as you could have put the distribution you received into another IRA on your own. You were allowed sixty days to put the funds into another retirement account.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v