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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3868
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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While I was employed with a non-profit Bible College/Seminary,

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While I was employed with a non-profit Bible College/Seminary, I had to draw out some of my 401k funds in 2004 to pay my property taxes... the taxes and penalty were withheld from the money I received, and the college was to pay the taxes withheld from me for that purpose. When I left their employ in 2007, I received the balance of my 401k funds, again, with the express knowledge that the taxes and penalties were withheld from the amount I received, and taxes were to be paid to the State of Indiana. I found out later due to tax liens at the county courthouse, that the college never paid the taxes, and I was fined and subsequently ended up paying the taxes myself over the course of Indiana State Revenue withholding different monies from me and my now-ex-husband. I received many statements from Pettinga, a sub of Charles Schwab that handled the 401k plan, that over $700 was still in "my" account, several years after I left the college.
I made repeated calls to Pettinga, and several to Trinity, and when I spoke to the finance man, he told me they would be responsible for the amount of the taxes and the fines levied on me. This was a few years ago... How do I go about figuring the amount they should reimburse and the amount of damages to my credit due to their imcompetence? And what can I do to make them pay it to me now?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,

Hello and welcome and thank you for using Just Answer.

It is very clear from your question that the previous employer who deducted / withheld taxes did not pay to the IRS. This is a criminal act.

Employers must report income and employment taxes withheld from their employees on an Employer's Quarterly Federal Tax Return (Form 941) and deposit these taxes in full to an authorized bank or financial institution pursuant to Federal Tax Deposit Requirements. Employers are also responsible for filing a FUTA return annually, and depositing those taxes.

The best thing would do do when the employees who are concerned that their employer is improperly withholding or failing to withhold federal income and employment taxes should report their employer by contacting the IRS at 1-800-829-1040.

Also, if the above number does not help, you can contact your local IRS office with this. This is certainly a criminal act by the employer and IRS does not take such acts lightly. This will also help you recover your money from him.

You can find your local IRS Office HERE

I am sure this would help.

You may please leave a positive rating if this helps. Alternatively, please feel absolutely free to revert with additional queries and I would be more than happy to keep assisting you.

Warm Regards
Customer: replied 1 year ago.

Thank you, XXXXX XXXXX your prompt response. I am wondering what the normal rate of recompense for damages would be allowed in regard to the poor handling of this issue. Is there a formula for calculating this?

Expert:  Rakhi Vasavada replied 1 year ago.
Dear XXXXX,

Hello and welcome again and thank you for your follow up question.

I am sorry, but there is no fix method that I can suggest you for this. The best option would be to discuss this with IRS office and also consult a lawyer if you are considering filing for damages.

I am sure this would help.

You may please leave a positive rating if this helps. Alternatively, please feel absolutely free to revert with additional queries and I would be more than happy to keep assisting you.

Warm Regards
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3868
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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