1863254
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question