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Personal Finance and Investing

MichMan

(15,250 posts)

8. The tax money she owes on the withdrawal was already withheld

Reply to mahatmakanejeeves (Original post)

Fri Dec 15, 2023, 07:25 PM

Dec 2023

TIAA did what Sharples asked. ... That had big tax consequences. As required, TIAA set aside withholdings to cover federal and state taxes. Then it transferred the remaining $630,000 to her credit union

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A former White House scientist was scammed out of $655,000. Then came the IRS. [View all] mahatmakanejeeves Dec 2023 OP

several years ago, UpInArms Dec 2023 #1

I hope that you were able to help question everything Dec 2023 #9

It worked out in her favor UpInArms Dec 2023 #10

The part that really needs more investigation is where she marybourg Dec 2023 #2

I don't understand, Bayard Dec 2023 #3

This is a long story. I've clipped a lot to comply with the four-paragraph limit. NT mahatmakanejeeves Dec 2023 #4

It was a retirement account. There were no taxes taken out until it was withdrawn MichMan Dec 2023 #7

Doesn't she get to deduct the loss of $600k to theft? 3Hotdogs Dec 2023 #5

Nope. mahatmakanejeeves Dec 2023 #6

The tax money she owes on the withdrawal was already withheld MichMan Dec 2023 #8