Witholding Taxes

Witholding Taxes and rollovers from retirement plans

When you request a distribution from your qualified retirement plan such as a profit sharing plan or 401k, the tax code requires that your plan withhold 20% in taxes. ┬áThis really messes things up if you planned on rolling over the money since now you have to come out of pocket for the withheld 20%. Read more about Witholding Taxes and rollovers from retirement plans[…]