T. Rowe Price / Breach of fiduciary duty to disclose
Took out a hardship withdrawal from my 401k in order to purchase a home. When applying for this withdrawal, I was told that ALL TAXES will be taken out PRIOR to me receiving my funds. THEY DID not ask how much to take out but instead, told me that the IRS requires 10% for federal and 1% for state taxes. T. Rowe Price had a fiduciary duty to ask me how much I wanted withheld regarding my taxes instead of leading me to believe that the 10% and the 1% taken out was satisfactory to the IRS. In fact, T. Rowe Price should have taken out 18-20% for federal taxes and did not do that. I verbally told them that I did not want to pay taxes on that amount of money and make sure that ALL TAXES WERE PAID. They did not do this and as a result, I now have a tax bill totally over $8, 000. I will be seeking legal redress and I want to make sure that all their customers know that they don't take their duties serious enough.