BuckStocksHere
Semper Fi!
NJ-Buckeye;2195316; [I said:
Nah, I just play one on tv. Plus I stayed at a holiday inn express last night!!
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- Thread starter buckeyebri
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Nah, I just play one on tv. Plus I stayed at a holiday inn express last night!!
calibuck
Too soon old, too late smart
Just a suggestion. Go to the 'destination' account, tell them your story about leaving XXX Company and wanting to roll over your 401k to an IRA (which is permissible under tax law). They (the destination account - Vanguard, Fidelity, T Rowe, bank, etc) will handle the paperwork by sending you what you need, having you sign it and then they will collect it from your 'origination' account.
Best advice I've read is Do Not Take Possession of the money. Your origination account will report to the IRS who will in all probability track to your checking account, etc.....and want the tax on it. You are guilty until proven innocent (Per IRS rules) and the 60 days in your hands is the max. Avoid that by having your new/old IRA account do the work of collecting for you. That way you do not have any hassle of trying to get money from someone. Let the pros deal with their counterparts, they speak the same language and all that stuff......
:gobucks3::gobucks4:
Using your 401k proceeds to purchase company stock is all well and good, shows the company flag and rah rah, but once you are out, keep it to a proportional share of your portfolio (my philosophy is that individual stocks are no more than 15% of portfolio), and SELL the rest. After all, now that you're no longer there, that company is certain to go into a tailspin, right?
Best advice I've read is Do Not Take Possession of the money. Your origination account will report to the IRS who will in all probability track to your checking account, etc.....and want the tax on it. You are guilty until proven innocent (Per IRS rules) and the 60 days in your hands is the max. Avoid that by having your new/old IRA account do the work of collecting for you. That way you do not have any hassle of trying to get money from someone. Let the pros deal with their counterparts, they speak the same language and all that stuff......
:gobucks3::gobucks4:
Using your 401k proceeds to purchase company stock is all well and good, shows the company flag and rah rah, but once you are out, keep it to a proportional share of your portfolio (my philosophy is that individual stocks are no more than 15% of portfolio), and SELL the rest. After all, now that you're no longer there, that company is certain to go into a tailspin, right?
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OneBuckeye
Hall of Fame
I have left my 401k at my old company alone because i thought the stock was undervalued. Then today to make things more complicated some big investors came in on my former companies stock and want the board to split the company into two different companies. This caused the stock to go up by 12% today. I have no idea what would happen to my ESOP in my 401k.
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