Talk to the IRS. They are actually pretty reasonable and will put you on a payment plan.

And please do something about that credit card debt.

> Deposit and withdrawal requests made by 5 p.m. Eastern time will have same-day settlement.

So you can withdraw same-day as long as you do it during business hours. Withdrawals made overnight will have to wait for the next business day.

Merrill is offering a "Merrill Preferred Deposit" product which is currently offering 4.5%. That's what I would do.

https://www.ml.com/solutions/preferred-deposit.html

> Seems like I need to switch to backdoor method, but what do I do with money that were invested for the past three months?

Recharacterize.

https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/#recharacterizations

Glad it worked out.

Call back.

Don't discuss the fact that you pulled the money out of the IRA and are putting it back. Only say you want to do a 60 day indirect rollover and ask them how to do it.

If they still refuse to help you, I'd put the money into a different brokerage and then consolidate at some point in the future.

Here's how I look at it: there's a risk that OP is going to have to pay the school anyway, either to avoid collections or maybe even if they end up suing.

I'm starting to wonder if the employer was even withholding taxes. This might be an even bigger hornet's nest.

In hindsight I would have suggested that you pay for the CDL training and get reimbursed by your employer. At least that way you're not dragging a third party into this.

It also sounds like your employer is unreliable. Might be time to start passing your resume around.

Does he have his last pay stub?

Was payroll outsourced to a third-party (ie: ADP, Paychex, etc.) or did the boss handle it in-house?

> Edit: what if I just put it into my personal Roth IRA since the taxes have already been taken? And then select 2022 rolll over instead of 2023 contributions? Can I do that?

I don't recommend doing this. For one thing, it probably doesn't make sense to do a Roth conversion unless you are in a particularly low income year.

For another thing, even if you do decide to do a Roth conversion, it's better to pay the taxes from pocket rather than an IRA withholding. IRA contributions are limited and you are reducing future growth by dipping into your IRA to pay the taxes. And if you are below retirement age, withdrawing from your IRA to pay taxes is actually a non-qualified withdrawal and you'll be penalized for that.

The easiest thing to do is to roll the entire amount into a Rollover (Traditional) IRA, including the amounts that were withheld for taxes and penalties. If you decide to do a Roth conversion at some point down the line, make that a separate distinct decision.

You're missing an important detail in the original post. His company closed and the plan was likely terminated.

> Have not gone through all my old mail yet.

I'm a bit befuddled that you posted to Reddit rather than actually finding what you received from Voya.

If the plan was closed, it's entirely possible they sent you a check with the entire contents of the 401(k). In that case you had 60 days to roll it into another plan, such as an IRA. If you failed to do that, you may very well be out of luck and on the hook for the taxes.

But for goodness sake go open that paperwork and see precisely what they did.

> Like the title states, I am trying to discern how much money my 401(k) effectively “made” for me last year.

Every 401(k) web site I've ever used shows a personal rate of return, sometimes with the ability to customize the period.

> I have a Roth 401(k) and I contributed the full IRS maximum of $22,500 and I get a 5% employer match. According to my 401(k) it has gone up just under $21k last year which to me seems like it only went up by what I and my employer contributed

The stock market was down last year. This is not surprising.

> Recently started my career as a RN (22F), had some expendable income and my friend recommended a financial advisor at Northwestern Mutual.

Your friend did you dirty.

NWM is a notorious high-fee investment provider. You are being charged high fees for something you could very easily do yourself.

> I only have put $1,500 and they invested in FAGAX. Annual operating expense of 0.89%. I am extremely financially illiterate and I’m not sure if they are trying to scam me because I see other more diverse pro folio.

I wouldn't call it a scam, but as I said you could easily do it yourself.

Open a Roth IRA at a low cost brokerage. This sub recommends Vanguard, Fidelity, and Schwab. Then initiate a "Transfer of Assets" from the receiving firm's web site. This will pull the money over from NWM.

As to how to invest, consider a target date fund or a total market fund. See: https://www.reddit.com/r/personalfinance/wiki/iras#wiki_eli5.3A_how_should_i_invest_within_my_ira.3F

> Bonuses are often taxed at a higher rate

"withheld," not taxed

This is the situation for most people.

Very generally speaking, Roth is best in your low earning years early in your career. Traditional is best in your peak earning years.

Some tax diversification is good. If you are not currently contributing to a Roth IRA, that is something you should consider.

What matters is your current tax rate vs. your expected tax rate in retirement.

See: https://www.reddit.com/r/personalfinance/wiki/rothortraditional

Studies have shown that most active managers underperform their targets (net of fees) over the long term.

If it’s a small percentage of your overall assets and if it makes you feel better, go ahead. But I wouldn’t put more than 5-10% of my long term assets in actively managed funds.

> Any basic advice for someone on these things?

Follow the Prime Directive: https://www.reddit.com/r/personalfinance/wiki/commontopics

> Or is there a wiki

Yes, this sub has a detailed Wiki.

https://www.reddit.com/r/personalfinance/wiki/

> I am foreigner working in the US on a visa (not an h1b) and i have no idea about the 401k or the roth.

A lot will depend on whether you intend to retire in the US or if you plan to retire elsewhere. Many countries don't recognize US Roth accounts. See: https://creativeplanning.com/international/insights/expat-roth-conversions-qa/

Then there is your answer.

(Note that after-tax is not the same as Roth.)

Does your plan support after tax contributions?

Leave $1 behind so they don't close the account.

I wouldn't. Go with a total market fund.

Most (all?) modern payroll systems will prevent you from over-contributing. So do 22% and you should be fine.