Hi all. Not sure if this is the right place to post this but, I'd like some help/advice on how to deal with this situation -
I called in to do a rollover from my Roth 401k (previously converted from my after-tax source) into my Roth IRA. The agent seems pretty knowledgeable so i figured everything went smoothly. WRONG.
Unfortunately, somehow either their software glitched or the agent chose to liquidate my ENTIRE account, including PRE-TAX subaccount (which contains years of contributions). How i found out was I got a notification saying that "your request to withdraw 401k as a distribution has gone through and you will receive a mailed check soon". WTF?!
I called in again, and the agents this time all seem to be scrambling and they went silent (told me that supposedly they'll call back to keep me updated until they fix this issue, but no update).
What do i do? How can i unfuck this situation?
I want them to cancel that transaction, but i doubt they'll get back to it on time. If they can't -
- am i supposed to re-deposit this check back into my 401k? is this even allowed? (note that i did another rollover from another 401k -> this 401k within the last 12 months). How do i do this in a safe way? (like should i walk in to an office in person? i'm worried their mailing department has someone that'll "accidentally lose your checks").
- am i supposed to take this check and just put it into Traditional IRA just in case? (i'm guessing this is easier, but ideally i don't want to have to do this because i also do backdoor conversions each year - i dont wanna get hit with pro-rata)
- does this mess up my 2020 taxes? will this cause me to get an audit even if i re-deposit the check?
- Should i even use Fidelity anymore at this point? my 401k is my entire career's savings, and i can't believe that it's possible at all that a simple agent could click a few buttons "in the back office" and then force an unauthorized withdrawal that has massive tax consequences. thank god i caught this early on (imagine i went off to vacation for 60 days and didn't check my email)
- Does the 60 day indirect rollover limit apply from the moment i receive the check in the mail? or from what date exactly?
- What are things I should watch out for, now or future? any other of these heart-attack types of fuck-ups from your brokerages?
Not sure if this matters - but i did another rollover within the last 12 months into this same 401k account. I read some rules about IRS having a 1 year restriction on 401k, but not sure if this applies? or some other restrictions?
also, apologies for the cross-post in another subreddit, this one seems more active.
Submitted December 20, 2020 at 01:14AM by txeskimos https://ift.tt/37zMyNx
