I have monitored this group for some time and have gotten a ton of good information from it. I was hoping someone might have some insight on a situation that I now find myself in. It seems my wife (married 2018) didn't correctly rollover a 401k in 2016 and the IRS is now stating we owe them money and a penalty. She cashed out a ~55k 401k and immediately deposited the resulting ~44k in a Roth IRA in 2016. The IRS now says that we owe ~17.6k and a 1.4k penalty on this. Is there any way to make this right? If we do have to pay the penalty, can we withdraw money from the Roth IRA without incurring penalty on that withdrawal?
Submitted December 08, 2018 at 02:07PM by PoppinBubbleWrap https://ift.tt/2G28yEO
