Need some 401k/tax/payroll help

Discussion in 'UPS Discussions' started by Jackburton, Mar 19, 2016.

  1. Jackburton

    Jackburton Gone Fish'n

    Going to try and make this as simple as possible. I was reviewing my 401k and noticed Prudential took about 4K spread over my investments and moved it from pretax to after tax, not to be confused with Roth. I had contributed the max, 18k last year with about 3/4 into pretax and 1/4 into Roth. I've already done my taxes for the year and can't figure out why they would move money like this, it's never happened to me before. This transaction took place on 3/14, and just recatagorized it from pretax to after tax, pulling from the investments in the % that was contributed then re investing back in. This is the only time I've ever had anything like this and have been maxing out my 401k to the limit every year.

    I contacted Prudential Teamsters 401k but they aren't open till Monday and I'm concerned I'll have to do an amended return if I have to pay tax on the money they moved in order to make it really after tax money.

    Any ideas?
     
  2. By chance did you put more than the 18k into the pre-tax and Roth?
     
  3. And congratulations on saving that much.
     
  4. Jackburton

    Jackburton Gone Fish'n

    No, it stopped taking money out in October right at 18k.
     
  5. Hopefully just an error. Sorry that I don't have a better answer.


    Good luck my friend.
     
  6. oldngray

    oldngray nowhere special

    Investment accounts don't have to sent out tax statements by the end of January like most other statements. I always get my last statement around mid March so wait to do my taxes. I got the statement and did my taxes last week.

    That being said only transactions taking place before the end of last year should be on this years taxes. Was yours just some kind of accounting correction? If so then you might need to file an amended return.
     
  7. Cementups

    Cementups Box Monkey

    I do a post tax 401k. It basically a glorified savings account. I can take it out at any time and only have to pay taxes on any interested I may have earned.
     
  8. Jackburton

    Jackburton Gone Fish'n

    This was the Teamsters 401k plan administered by Prudential. The dollars didn't move out of the account, just the pre tax money was moved to an after tax category, and just 4kish out of 18k. The money was moved back into the same investments they were taken out of.
     
  9. Jackburton

    Jackburton Gone Fish'n

    The problem I'm seeing is that if they moved pretax money into that after tax category, taxes will be owed on that money, including any growth, for tax year 2015. Intrestinv part is they only took from the pretax, not from my Roth portion I contributed during the year.
     
  10. Jackburton

    Jackburton Gone Fish'n

  11. Jackburton

    Jackburton Gone Fish'n

  12. oldngray

    oldngray nowhere special

    It looks like your issue is pre tax money moving into a post tax plan. Normally retirement plans issue statements that are mostly just informational but switching money could change your taxes. Not a big difference but it will still be reported to the IRS.
     
  13. Jackburton

    Jackburton Gone Fish'n

    Two things, I never requested they move anything and that move will cost me around 1k in taxes in an amended return. I never received an notification they were doing this.
     
  14. Hopefully it was just an error .
     
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  15. oldngray

    oldngray nowhere special

    Call them and ask them what is going on.
     
  16. He will. Just hate to have something stupid hanging over your head during the weekend.
     
  17. oldngray

    oldngray nowhere special

    Plus having to wait on hold forever before you can talk to a live rep. Worse this time of year also with so many other people calling.
     
  18. Jackburton

    Jackburton Gone Fish'n

    I am, just posted here to see if anyone else had this problem.
     
  19. Please let us know the outcome.
     
  20. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    What a :censored2:ing mess.



    Sorry I don't have more to say...