Viewing a single comment thread. View all comments

DeluxeXL t1_iu9rpc3 wrote

Reply to comment by MaximumRecursion in Asked Edward Jones to rollover my IRA to Charles Schwab, and they took out federal income tax, even though I made it perfectly clear it's a rollover, not a disbursal. by MaximumRecursion

> Are you saying I just include the amount withheld in taxes from my own momey when depositing the check I got?

Yes. Cover the taxes withheld out of your pocket for now. But don't just deposit the checks. You must tell Schwab that these are indirect rollovers. Otherwise it can't distinguish between a rollover and a contribution.

> And, presumably, I get that money back when completing my taxes at the end lf the year?

Yes. The 1099-R will show the taxes withheld. Enter into your tax return.

2