1152845
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

danilent
New Member

How do I redeposit withdrawn ira funds within the 60 days? Is it sufficient to have had that amount added to my new 401k by my new job or is there a formal process?

My job ended and I misunderstood the process for rolling over my 401k to my new job. I cashed the check when they sent it to me (it was only for a small amoun). It has been more than 60 days since that time. If I contributed more than the cashed amount to my 401k at my new job as a salary deduction, does that count as putting the money back within the required time?
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 Reply

How do I redeposit withdrawn ira funds within the 60 days? Is it sufficient to have had that amount added to my new 401k by my new job or is there a formal process?

What you did is not a rollover of the funds you withdrew. Since you didn't directly rollover those funds to another tax deferred account, you must pay the taxes and if under age 59 1/2, the 10% early withdrawal penalty on the entire distribution. 

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