I have a 401K check from a job that I lost in February of 2007 that says that I have until May 2008 to cash it. I recorded a 1099 for it and was going to reinvest it, so that I wouldn't get penalized. Do I have to claim it for 2007?
There are specific timing requirements and procedures to follow when attempting to transfer retirement fund accounts from one account to another. You should have made those arrangements before taking a disbursement from the old 401k account. To find out if you are still able to roll those funds into a new retirement account and avoid penalties, you need to contact a qualified advisor, and you need to do so quickly, but if you have missed the deadline for rolling those funds into a new plan, the fact that you haven't yet cashed the check won't change your tax liability.
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There are specific timing requirements and procedures to follow when attempting to transfer retirement fund accounts from one account to another. You should have made those arrangements before taking a disbursement from the old 401k account. To find out if you are still able to roll those funds into a new retirement account and avoid penalties, you need to contact a qualified advisor, and you need to do so quickly, but if you have missed the deadline for rolling those funds into a new plan, the fact that you haven't yet cashed the check won't change your tax liability.