# I have $10,000 that's not mine: what should I do? **URL:** \ **Category:** Factual Questions\ **Created:** [May 2, 2005, 5:50am UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033 "2005-05-02T05:50:15Z")\ **Posts on this page:** 9\ **Page:** 2
**Author:** ![Ass\_For\_A\_Hat](https://avatars.discourse-cdn.com/v4/letter/a/ec9cab/32.png) [@Ass\_For\_A\_Hat](https://boards.straightdope.com/u/Ass_For_A_Hat)\ **Post date:** [May 2, 2005, 6:23pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/21 "2005-05-02T18:23:10Z")
> [@ParentalAdvisory](#): > > I thought taxes don’t come into play until after $10,000? Unless rolled over to another qualified arrangement, the entire amount of the distribution will be counted as ordinary income. On top of that, if Sampiro is not 59.5 years old, (s)he will be on the hook for another 10% excise tax on the gross amount of the distribution. ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [May 2, 2005, 6:29pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/22 "2005-05-02T18:29:00Z")
> [@ParentalAdvisory](#): > > I thought taxes don’t come into play until after $10,000? There are a couple of special exceptions that exempt the first $10000 from _Penalties_. It’s all taxable, no matter what (some minor exeption). YMMV. ---
**Author:** ![Ass\_For\_A\_Hat](https://avatars.discourse-cdn.com/v4/letter/a/ec9cab/32.png) [@Ass\_For\_A\_Hat](https://boards.straightdope.com/u/Ass_For_A_Hat)\ **Post date:** [May 2, 2005, 6:33pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/23 "2005-05-02T18:33:55Z")
> [@DrDeth](#): > > There are a couple of special exceptions that exempt the first $10000 from _Penalties_. These are only applicable to distributions from IRAs though, right? ---
**Author:** ![iwakura43](https://avatars.discourse-cdn.com/v4/letter/i/9de0a6/32.png) [@iwakura43](https://boards.straightdope.com/u/iwakura43)\ **Post date:** [May 2, 2005, 6:43pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/24 "2005-05-02T18:43:09Z")
The state of Georgia contributes 200% of your contributions to your (private) 401(k) 😕 :eek: :dubious: ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [May 2, 2005, 7:01pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/25 "2005-05-02T19:01:06Z")
> [@Ass For A Hat](#): > > These are only applicable to distributions from IRAs though, right? In general, “qualified plan” retirement accounts and IRA’s have similar tax treatment. In this case, consult a Tax professional. s Oh, and **Sampiro** - since a good portion of your distribution was used to “pay off some medical bills”, you may have an exception for that portion of the withdrawel as regards the 10% penalty. See a tax professional. ---
**Author:** ![Sampiro](https://avatars.discourse-cdn.com/v4/letter/s/2acd7d/32.png) [@Sampiro](https://boards.straightdope.com/u/Sampiro)\ **Post date:** [May 2, 2005, 8:14pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/26 "2005-05-02T20:14:33Z")
> [@iwakura43](#): > > The state of Georgia contributes 200% of your contributions to your (private) 401(k) 😕 > > :eek: :dubious: Yep. And it vests immediately. ---
**Author:** ![Sampiro](https://avatars.discourse-cdn.com/v4/letter/s/2acd7d/32.png) [@Sampiro](https://boards.straightdope.com/u/Sampiro)\ **Post date:** [May 2, 2005, 8:15pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/27 "2005-05-02T20:15:43Z")
> [@Sampiro](#): > > Yep. And it vests immediately. Correction- it vests after 1 year. (You have the option of a state retirement account that is supposedly better, but it takes 10 years to vest.) ---
**Author:** ![nivlac](https://avatars.discourse-cdn.com/v4/letter/n/3bc359/32.png) [@nivlac](https://boards.straightdope.com/u/nivlac)\ **Post date:** [May 2, 2005, 8:51pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/28 "2005-05-02T20:51:04Z")
\*\*Sampiro \*\*, If I were in a situation such as yours, I would not contact TIA_F to say that they overpaid you. I would ask for a **detailed** accounting of how they arrived at the amount that was paid to you. It’s possible that you erred in calculating what was owed you. With the detailed accounting, compare it to your records. This comparison should identify the source of any discrepancies. Even then, the discrepancy could be some error in your records. But at that point, if you’re certain that a mistake was clearly made, then go ahead and take the various steps that others have already pointed out to you. You can even point out to TIA_F where the error occurred. ---
**Author:** ![Troy\_McClure\_SF](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/troy_mcclure_sf/32/4150_2.png) [@Troy\_McClure\_SF](https://boards.straightdope.com/u/Troy_McClure_SF)\ **Post date:** [May 2, 2005, 8:59pm UTC](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033/29 "2005-05-02T20:59:52Z")
**Sampiro** , while this is not specifically directed at you, I feel I should tell you about[my Pit thread](http://boards.straightdope.com/sdmb/showthread.php?t=314747). [Previous page](https://boards.straightdope.com/t/i-have-10-000-thats-not-mine-what-should-i-do/302033.md?page=1)