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Level 1
posted Dec 10, 2023 7:12:28 PM

I'm 63 and still working. My 401kdoesn't offer in service rollovers. If I withdrawal and deposit it into an IRA will I get credited for the taxes that were withheld?

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1 Best answer
Level 15
Dec 10, 2023 8:11:53 PM

Section 401(a)(31) of the tax code requires that they allow a direct rollover on any eligible rollover distribution, so if they allow in-service distributions, they are also required to allow a direct rollover of the otherwise taxable portion of such a distribution.  Since they are only required to allow a direct rollover of the taxable portion of a distribution, if you are doing a split rollover of pre-tax and after-tax amounts, a plan will often do the direct rollover to a traditional IRA of the pre-tax amount, avoiding mandatory 20% tax withholding, and will pay the after-tax amount to you (with no tax withholding because this portion is nontaxable) which you can then roll over indirectly within 60 days to a Roth IRA.

4 Replies
Level 15
Dec 10, 2023 7:41:34 PM

You always get credit for the withholding no matter what.  You have 60 days to roll it into a Traditional IRA to avoid the tax.  But you need to add back in the withholding from your own money or the withholding will become a taxable distribution by itself.  

Level 15
Dec 10, 2023 8:11:53 PM

Section 401(a)(31) of the tax code requires that they allow a direct rollover on any eligible rollover distribution, so if they allow in-service distributions, they are also required to allow a direct rollover of the otherwise taxable portion of such a distribution.  Since they are only required to allow a direct rollover of the taxable portion of a distribution, if you are doing a split rollover of pre-tax and after-tax amounts, a plan will often do the direct rollover to a traditional IRA of the pre-tax amount, avoiding mandatory 20% tax withholding, and will pay the after-tax amount to you (with no tax withholding because this portion is nontaxable) which you can then roll over indirectly within 60 days to a Roth IRA.

Level 15
Dec 11, 2023 5:24:33 AM

Talk to your IRA  custodian and tell them you want to roll the 401K funds to the IRA ... they should take care of everything for you.

Level 1
Dec 26, 2024 12:39:14 PM

It worked, thanks for the help you all are awesome!