- Report: #138276
Complaint Review: Bank Of America - Brea California
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Bank Of America
bankofamerica.com Brea, California, U.S.A.
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Bank Of America ripoff Erroneously reported early withdrawal from employee 401k and pension plan. Brea California
When I separated from BofA at the end of September 2002 with nearly 10 years service, I had approximately $26k in outstanding loans on my 401k and pension funds. Up to that point payments of approximately $500 per month were being made by payroll deduction. No explanation or notification was made to me regarding the disposition of the balance owing upon separation and it was assumed by me to be "settled."
Now, over two years later, I have been notified by the IRS that BofA reported an "early withdrawl" (from 401k and pension plans) in the amount of approximately $26,000 in 2003! No 1099 or any other tax form was sent to me by BofA. The IRS is billing me for nearly $10,000 in back taxes, penalties and interest and I can expect a similar bill from the state of California.
It is my understanding that BofA was undergoing an outsourcing process of personnel and payroll functions at the time of my separation and probably "neglected" to send certain forms out to existing and previous employees.
Has this happened to anyone else and do I have any recourse to BofA?
Robert
Citrus Heights, California
U.S.A.
Now, over two years later, I have been notified by the IRS that BofA reported an "early withdrawl" (from 401k and pension plans) in the amount of approximately $26,000 in 2003! No 1099 or any other tax form was sent to me by BofA. The IRS is billing me for nearly $10,000 in back taxes, penalties and interest and I can expect a similar bill from the state of California.
It is my understanding that BofA was undergoing an outsourcing process of personnel and payroll functions at the time of my separation and probably "neglected" to send certain forms out to existing and previous employees.
Has this happened to anyone else and do I have any recourse to BofA?
Robert
Citrus Heights, California
U.S.A.
