401k withdrwal

[CHARLTON55]

55 year old man.just quit my job and withdrew my 401k money.
Had 14000 dollars in account when i quit.it took three weeks to get a check. The check was 12000 dollars,no taxes withheld.
Shouldn't i get the amount that was in there when i quit ,not what was in there 3 weeks later due to stock market decline.
Thanks

 

[crazy connie]

Based on when they rec'd & processed. Also, they may have held back employer cont that were not yet vested?

 

[Darryl]

Charlton, you can always call the administrator and ask how they arrived at that. I'll throw out a guess that either by the time your order was received and then executed the market moved from $14,000 to $12,000 and that would be what you get or maybe thy sold at $14,000 and withheld the rest (on your behalf) to go toward taxes, this $2,000 would of course reduce your taxes due next spring.
You will owe taxes on the entire amount as taxes and possibly a 10% penalty. 401k money for the most part shouldn't come out until 59 1/2 though there are exceptions and you may qualify at 55 with a job separation. You should quickly find out before your rollover timeframe expires.

 

[Bestwifeever]

Market loss, or perhaps a 10 percent penalty for early withdrawal before age 59-1/2?

Just call human resources and tell them you need to know for tax purposes what has been withheld.

 

[Sarah in SC]

They may be required to hold out some for taxes by law. Best to ask the administrator of the plan--each plan is different and typically they have different vesting rules and disbursement rules.

 

[Saber]

My guess is that they withheld federal taxes.