daparish
07-04-2008, 07:52 AM
Not sure if anyone has any clue on this topic but I thought I would try since I am at a loss as to where to turn. I worked for a bank that was bought out by Capital One. I am now working for another bank. Last year my ESOP plan was ready to rollover into an ira. If I did not rollover I would have to pay taxes and get penalized 10% for using retirement funds prematurely. I rolled it into my ira. We did our own taxes using turbo tax and we have been waiting for a check from the State of Louisiana for $588 for our state refund. I called two weeks ago to find out why we have never received and was told that there was a problem with our return and that the plan was not exempt from Louisiana taxes. I was given a number to call and was told this person could help me. I have left several messages over the course of two weeks. The voice mail says all calls returned within 48 hours but I have received no calls. I called again yesterday and was told again that there is a list of plans that are exempt from Louisiana taxes and this plan is not on the list. I exlained to her that I knew of numerous former employees who rolled their's into an ira with no problem. She could not offer me any advice and said I would receive something in the mail explaining everything and lettine me know what I now owed in taxes. My question is how can they tax me on this money now and then tax me again on the same funds when I do a distribution from the ira? Also, I have yet to find someone who can provide me with the list of plans that are eligible. I am thinking this is a mistake since none of my former employees had a problem but I can't get to anyone who can help me. I am thinking of maybe sending a certified letter to the Louisiana Department of Revenue but I really don't think that will help.