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The Ramsey Show Highlights

I Received a Huge Check and I’m Mad About It

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 30 December 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

brought to you by the ramsi network app download today to go further with ramsie so i have a bit

0:09.3

of a problem i never thought this was going to happen so uh in 2018 my father passed away and he left

0:15.3

me and my brother a 401k plan uh fast forward five years uh i got a check in the mail this morning for about 245,000.

0:26.7

The original account balance was about 300,000.

0:30.1

And what's happening is they gave me the check and I have to pay the IRS that 55,000

0:36.1

difference from the 300,000 of the 245.

0:39.5

I called them and asked them if they could roll it over, and they said once they issued the check,

0:44.3

there's nothing that can be done.

0:45.9

Who told them to issue the check?

0:49.2

Not me.

0:50.7

Apparently, the company my father was before. I didn't either didn't real I'm sorry I didn't

0:58.1

I didn't I didn't hear you you cut out apparently the company your father worked for what

1:01.4

yeah they um they have a five years plan I guess for the death benefit that if it's not

1:09.0

rolled over to something else within five years,

1:11.4

they must close the account and just issue a checkout. It's super confusing. The way they

1:17.0

explained it to me, I was on the phone with them for an hour and a half this morning with my

1:21.1

401k company. And they pretty much said once we issue the check, there's nothing that can be

1:27.0

done. There was no workaround. Yeah, there is. They had the check, there's nothing that can be done.

1:28.4

There was no workaround.

1:29.4

Yeah, there is.

1:32.0

They had until this, that's what I'm saying.

1:33.2

Yeah, there is.

...

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