tracysdfw <tracysdfw[at]nospam.yahoo.com> wrote:

- quote -

Not now.

You will be credited with the withholding when you file your Form
1040 next year.

Meanwhile, you have 60 days from when you received the distribution
to place these funds in another 401k or into a traditional IRA to
avoid paying income tax on that distribution. If you don't also
place the 20%, which you have to find somehow, into the IRA,
it will be subject to income tax.

--

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"tracysdfw" <tracysdfw[at]nospam.yahoo.com> wrote:

- quote -

Sorry, but no. If the withholding turns out to be too much
(possible, but unlikely when state taxes are figured in),
the excess will be refunded to you. If you were/are
intending to rollover the distribution to a traditional IRA,
a direct trustee-to-trustee transfer would have avoided this
situation.

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racysdfw wrote:

- quote -

No. A plan administrator is obligated to withhold income tax
on a distribution to a taxpayer unless that taxpayer has
filed Form W-4P beforehand, that states a different amount
of withholding.

--
Alan
http://taxtopics.net

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"tracysdfw" <tracysdfw[at]nospam.yahoo.com> writes:

- quote -

Nope. Federal law mandates the company withold and remit
that 20% to the IRS.

You'll claim it as taxes withheld (like what you do with the
taxes withheld shown on your W-2) when you file your return.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"tracysdfw" <tracysdfw[at]nospam.yahoo.com> writes:

- quote -

Well, there WAS a way, which should have been explained in
the pre-distribution paperwork you should have received.
The only thing you can do now, assuming that you want to
roll the 401(k) into an IRA, is to replace the withholding
with other funds and get a refund when you file your 2004
return.

Phil Marti
Clarksburg, MD

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- quote -

Sorry, no, the withholding is mandated by law. If you have
other withholding, you may wish to reduce it to have extra
money in the household.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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I am over 59 1/2; terminated because of merger in 2000. On
9/15/2004, I received a one-time distribution from 401k that
had 20% withheld for IRS. Is there any way to make Wells
Fargo remit the 20% and not submit to IRS?

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