1 Attachment(s)
Lawful Money and Retirement Account Distributions
I was wondering what experiences, if any, people are having when taking a lump-sum distribution from a retirement account using lawful money remedy.
I suppose the typical scenario would be to take the distribution in the form of a check, non-endorse it per 12 USC 411, then file a 1040 to get a refund of all taxes withheld, which amount to 20% plus an extra 10% if withdrawn before age 59-1/2.
It seems to me, one should be able to circumvent the withholding with a lawful money demand and receive the entire distribution. Has anyone been able to do this?
The attached pdf file is an example of how a distribution request form could be filled out. Although, due to the high level of ignorance and resistance out there, this approach may not be the best way to go.
Attachment 715
Any thoughts?
another way to get taxes taken from retirment?
Is there any other way to get the funds that were taken, without filing a 1040?