The 20% 401k Rollover Trap | Raleigh News
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The 20% 401k Rollover Trap | Raleigh News
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When you leave a job, don’t get caught off guard by the 20% tax withholding on your 401(k) rollover — even if you plan to move it within 60 days. That means if you have $100K, you’ll only receive $80K, with $20K sent to the IRS upfront. You’ve got 60 days to cover that gap yourself — or face taxes and a 10% penalty. The good news? You’ll get the $20K back as a credit when you file, but that could take up to a year — and you might not have the cash handy during a job transition. The smarter move? Use a direct rollover — money skips your account entirely, avoiding the withholding and preserving every dollar. Plus, many people forget to invest their rollover funds, missing out on hundreds of thousands in potential growth by retirement.
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