lucky_ducker t1_ja89910 wrote on February 27, 2023 at 4:08 PM

If your account was < $1000 they likely cut you a check and you had 60 days to roll it over to an IRA.

If your account > $1000 but < $5000, they already moved it to an IRA.

If your account > $5000 they are generally required to leave it alone, unless the entire plan was terminated for some reason.

How much was the "entire amount" on the 1099?

unthused OP t1_ja8aj3m wrote on February 27, 2023 at 4:17 PM

Balance is/was roughly ~$75,000.

lucky_ducker t1_ja8e63c wrote on February 27, 2023 at 4:42 PM

So, if the 1099 shows a distribution of that amount, it either:

- got moved to an IRA account, or

- got moved to an entirely new 401(k) provider, which is the most likely.

It's on you to stay on top of important mail, and this includes notifying vendors of a new address, and using the USPS change-of-address kit to both forward your mail and notify senders. A lot of important mail is sent in such a way that the sender is notified if you have a change-of-address on file.

I get mail addressed to some guy at my address several times a year from Empower, a 401(k) administrator. He's got money out there that he has evidently completely lost track of.

unthused OP t1_ja8h7tx wrote on February 27, 2023 at 5:01 PM

As far as I know it's still with the same provider (Voya). So if it was moved to an IRA, which is evidently taxable, do I have access to those funds to pay the tax burden? I definitely cannot remotely afford it otherwise, so fingers crossed.

100% aware that this is on me, I had a lot going on at the time (it was my family's business that closed) so between having to put together a resume and job search for the first time while severely stressed out, it got put aside and forgotten about.

lucky_ducker t1_ja8jmca wrote on February 27, 2023 at 5:16 PM

>So if it was moved to an IRA, which is evidently taxable, do I have access to those funds to pay the tax burden?

A direct transfer from 401(k) to IRA - or 401(k) to a different 401(k) - is not a taxable event at all.

A 1099 showing a distribution does not imply that it was a taxable event. You do need to figure out where the funds ended up, in case the IRS wants to know.

plowt-kirn t1_ja9g9gj wrote on February 27, 2023 at 8:42 PM

You're missing an important detail in the original post. His company closed and the plan was likely terminated.