I cashed out my retirement last year (approx 14,725) and because I knew there would be penalties I had them withhold approx $6500 - my payout was around $8500. Today I rec'd the 1099R and they say withheld only $3250 (Fed & State) but I know differently! Now I'm also being assessed a penalty which completely screws me! Can I dispute this? Where did the other $3250 withheld go?
Contact the issuer.
Phil Marti VITA/TCE Volunteer Clarksburg, MD
"Deb R" wrote
There's no way for us to know. As Phil said, contact the issuer. You could also look at back statements to see how they accounted for that transaction. Monthly or quarterly statements might indicate how the payouts were issued.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.