You'll need to sign in or create an account to connect with an expert.
No you can put it in another IRA account. It will be a rollover. If they took any federal or state tax withholding out then be sure to replace it from your own money or the withholding will be a taxable distribution and a 10% Early Withdrawal Penalty if you are under 59 1/2.
Any IRA account. For tax purposes, you are considered to have just one "individual retirement arrangement" no matter how many accounts you have at different banks or brokers.
As said, remember that if there were taxes withheld, you still need to put the gross amount back, not the net amount. If you put the gross amount back (by getting the extra cash from some other source) the withdrawal will be non-taxable and you will get the withholdings back as part of your tax refund. If you put the net back, then the tax amount will count as a taxable withdrawal.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sstromsk
New Member
reichsstr9
New Member
TexasBear10
Level 2
Denby1
Level 2
housemocha
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.