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Old 02-26-2010, 09:30 AM   #1
silverback [OP] silverback is offline
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Need help !

I didnt know where to go with this one.. I cashed out a 401k last year. They took out penalties taxes etc.. I get a letter yesterday from Charles Schwab saying they overpayed me and want 1600 dollars in 30 days. For one I dont have the money, second its been a year. I already did my taxes claimed the amount paid everything on the amount. I did nothing wrong. I had no way of knowing they overpayed me because Im not in the 401k business. That is up to them and their finance dept to get their shit straight right. How embarrasing for a multi-billion dollar company to come a year later after a measly 1600 bucks . what do you guys think.
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Old 02-26-2010, 11:53 AM   #3
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lawyer up. keep us updated
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Old 02-26-2010, 12:06 PM   #4
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Law Enforcement:
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I would say lawyer, but I can only imagine it getting expensive.
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Old 02-26-2010, 12:12 PM   #6
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Be very cautious. That sounds like someone may be traying to scam you. I have never heard of a financial institution paying anyone too much money. Its normally the other way around. Good luck! If its legit a lawyer is gonna cost more than they are asking you to pay back...Sucks!
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Old 02-26-2010, 12:16 PM   #7
I'll try being nicer if you try being smarter.
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I hope you kept your original documents that showed the value of the 401(k) at the time you cashed it out, as well as the taxes and penalties paid on it. With that in hand, you should be able to either determine that they're correct and you do owe the money, or you owe nothing and there's been a mistake.

I wouldn't just 'lawyer up' without looking into my own documentation first. $1,600 isn't worth a lawyer w/o some footwork of your own.
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Old 02-26-2010, 12:20 PM   #8
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Quote:
Originally Posted by mws4ua View Post
I hope you kept your original documents that showed the value of the 401(k) at the time you cashed it out, as well as the taxes and penalties paid on it. With that in hand, you should be able to either determine that they're correct and you do owe the money, or you owe nothing and there's been a mistake.

I wouldn't just 'lawyer up' without looking into my own documentation first. $1,600 isn't worth a lawyer w/o some footwork of your own.
usually getting a lawyer to send a certified letter of intent to defend the matter is free or dirt cheap. if they get a letter from a lawyer saying "we are prepared to fight this" they may decide 1600 isn't worth the trouble and just forget about it.
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Old 02-26-2010, 12:21 PM   #9
I'll try being nicer if you try being smarter.
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Yeah... I'm just saying that it should be really easy to determine if this is a legit claim. If it is, then he can make the decision to get legal representation or pay the money. Also, if you get a lawyer to write a letter like that and they decide it is worth the fight, you'd better be prepared to pay the lawyer for his/her services.
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Old 02-26-2010, 12:24 PM   #10
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Hmm. Makes me wonder if this may be some type of a scam someone is trying to pass over on you. I'd proceed carefully and check all your records for accuracy.
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Old 02-26-2010, 03:01 PM   #11
silverback [OP] silverback is offline
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Well I doubt the bank can go back that far on the check that was cashed. I only have the amount and the taxes I paid on paper not sure if its called a 1098 form. I used it for my taxes this year. As far as all the 401k stuff I'll look but once I cashed out I determined that paperwork was not needed. The major problem here is The Feds have some the State has some and if they overpayed me I overpayed everyone too. I would have to amend my filing for 2009 and re-do everything. All this for something that has supposedly happened a year ago. Really isnt Charles Schwab a numbers company I mean damn if they got it wrong they really sucks.
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