Options
What are my options for rolling my money out of my former employers 401k??:help:
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I need to know the same thing. I have a few thousand just sitting in my 401k over at Baker Hughes that I need to do something with.
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always have 3 options:
1 - Leave it there 2 - Cash out 3 - Rollover to another qualified plan. 3A-Either with new company 401k that will take rollovers 3B- or do an IRA Unless in a bind financially, I always recommend option 3. |
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IRS takes 10% out for any early withdrawal. Then the rest is treated as normal income, so depending on your tax bracket (if in 25% tax bracket), its a total of 35% going to the IRS. Again, could be higher or lower depending on your bracket.
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C,
could a portion of it be withdrawn and the rest rolled over??? or does it have to be all or nothing? |
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No, you can take some if you need it and roll the rest. Make sure to do it that way instead of a full distribution so you don't get slammed on taxes. |
not that you look anything like sam hebert but perhaps we should talk
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give me a call at the office.....480-2088 or cdrost@whitneybank.com
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I may want to talk as well but you have to have lacey in the room the whole time!! LOL!
Also thanks for providing this information. I've learned a great deal from this thread and I'm sure others have as well...thanks and keep it coming!! |
he's next door ;)
come on by |
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????? Early withdrawals I believe there is an exemption on anything less than $ 10,000 taken out of an 401K plan. If you take out less than $ 10,000 from a 401K plan.....there is no 10 % penalty. Is this correct????? |
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the less money i give to the government, the better :p
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My Correction.....
I looked up my old Tax records......8 years ago, I did pay a 10 % penalty on that 401K withdrawal. Form 5329. I must be having a Sr. monent. |
:headknocker: i hate giving them my money!!!
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glad you answered your own question...
yes its still a penalty. |
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