Getting an IRA back from a state's Office of Unclaimed or Abandoned Property
Posted 23 September 2003 - 10:41 AM
If so, did the state take taxes out before giving you the money?
What was your experience generally?
Posted 23 September 2003 - 04:49 PM
I don't see any reason for taxes because this is a return of your Principal, income taxes would only be due on any interest you are paid for the time the funds were held (and added to your balance).
It has been over 15 years since I dealt with A/P from New York but doubt the rules have changed that much.
Posted 24 September 2003 - 01:22 PM
Is a holder required to withhold from retirement plan funds and report the withholding on Form 1099R before turning the funds over as Unclaimed Funds or is the state responsible for that when it is claimed?
Posted 25 September 2003 - 10:50 PM
Posted 02 October 2003 - 12:20 AM
Cost Reduction Strategies
Burns and Associates, Inc
Posted 02 October 2003 - 09:10 AM
Posted 02 October 2003 - 01:13 PM