I am not planning on rolling it over. I would like to know if I can request that they not take the 20% out and I will have the taxes taken out of my tax refund.
May 31, 2019 5:50 PM last updated May 31, 2019 5:50 PM Connect with an expert
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1 Best answerAccording to a TRS publication, the 20% is mandatory :
"Refunded amounts that represent tax-sheltered contributions are subject to a mandatory 20 percent federal income tax withholding unless you elect to roll over all eligible amounts to another qualied plan or to a traditional Individual Retirement Account (IRA). A 10 percent early withdrawal penalty assessed by the Internal Revenue Service (IRS) may also be applicable. "
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
May 31, 2019 5:50 PMAccording to a TRS publication, the 20% is mandatory :
"Refunded amounts that represent tax-sheltered contributions are subject to a mandatory 20 percent federal income tax withholding unless you elect to roll over all eligible amounts to another qualied plan or to a traditional Individual Retirement Account (IRA). A 10 percent early withdrawal penalty assessed by the Internal Revenue Service (IRS) may also be applicable. "
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
