Bogleheads. I recently contacted my 401k administrator (John Hancock) to roll-over my entire balance into my Vanguard TIRA. I did the process online and seemed too simple. A day later I got a call from JH wanting me to confirm the transaction. I told them the transaction is correct. They said Vanguard has a certain way of doing things like wiring instructions. I did get an email from Vanguard after contacting them and they emailed me wiring instructions, however, on JH's website, during my transaction, there was no place to enter Vanguard's wiring instructions. I called JH and they said, no problem, we'll just deposit it into your checking account that we have on file. The funds arrived this morning but now I'm thinking, I'm in deep, deep trouble. This is now a taxable distribution!! They didn't send me a check, they deposited it. Is there a way to undo this transaction entirely? I mean, seriously, this will ruin my life.This is a substantial amount of money and I don't want to be indebted to the IRS for the rest of my life. I'm desperate, help.
Statistics: Posted by meowcat — Fri Aug 16, 2024 6:35 am — Replies 9 — Views 600