Want this question answered?
Contact Plan Administrator(where account is held) for forms.
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
There are a variety of vanguard funds for a 401k plan. One of the best is the Vanguard Precious Metals and Mining as well as the Vanguard Total Stock Market Index.
401k funds can generally be rolled into a SEP-IRA.These funds, if allowed by the new employer, are exempt from penalty and income tax as long as the funds are transferred directly to the SEP-IRA custodian.Contact your new employer and ask if your funds sitting in the previous employer's 401k plan are allowed to be transferred to the new SEP.
A 401K retirement plan is an account to which an individual can add funds via pre-tax payroll deductions. The advantages of the 401K plan include the tax advantages, the employer matched contributions, the customization and flexibility of investments, and the portability of the product.
Contact Plan Administrator(where account is held) for forms.
You will have to talk to the financial institution that has the 401K. They will be able to help you with termination and getting the funds out of it.
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
There are a variety of vanguard funds for a 401k plan. One of the best is the Vanguard Precious Metals and Mining as well as the Vanguard Total Stock Market Index.
401k funds can generally be rolled into a SEP-IRA.These funds, if allowed by the new employer, are exempt from penalty and income tax as long as the funds are transferred directly to the SEP-IRA custodian.Contact your new employer and ask if your funds sitting in the previous employer's 401k plan are allowed to be transferred to the new SEP.
A 401K retirement plan is an account to which an individual can add funds via pre-tax payroll deductions. The advantages of the 401K plan include the tax advantages, the employer matched contributions, the customization and flexibility of investments, and the portability of the product.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not. A Roth grows tax free, while a 401k is taxed when you withdrawl the funds.
No, you cannot. You cannot transfer a 401k balance from your current employer to any other plan. Obviously, you can discontinue participation in the 401k and make contributions to a new or existing IRA in your name. But you cannot transfer the balance elsewhere. Unless however you are over the age of 59 1/2, in wich you would have access to the balance in your 401k plan, and would be eligible to roll it over.
It all depends on your current employer's plan rules. They may allow all rollovers into the plan or restricted them to just other 401k's. You should refer to your plan's Summary Plan Description, which can be obtained from your Benefits Department.
The money that was taken from your pay and not taxed and contributed to a 401k plan is your money. Even though you were not vested in the plan, this is still your money. Vesting will make employer contributions to the 401k plan available to you. When you signed up for the 401k plan you were given a copy of the Summary Plan Description. In that document, it describes when and how you can get your money. This document also tells you what the tax consequences are for taking your money under various circustances. Read your Summary Plan Description. If you do not have The Summmary Plan Description, contact the 401k custodian/trustee and ask for a copy. This may be a good idea anyway because these plan descriptions change from time to time. Generally the best thing to do is to move this 401k money to a Traditional IRA using a Trustee to Trustee Transfer. The Trustee to Trustee Transfer to the IRA can be done by determining where you want your IRA. Contact that orginzation and tell them what you want to do. This new IRA custodian/trustee will help you through the process. After signing some papers, they will see that the transfer of your old 401k funds is done properly and deposited into your IRA. This IRA will be called a ROllover IRA. Doing this Trustee to Trustee Transfer is not a taxable event.
No. You can sometimes borrow money from a 401k or other retirement plan, but not from a regular mutual fund account. To get money out of mutual funds, you do a redemption.
If you are still employed by the company that sponsors your 401k plan then you will not be eligible to cash out of the plan. Instead, you can see if your plan offers either a 401k plan loan, or a 401k plan hardship withdrawal (not all 401k plans allow hardship withdrawals so you need to ask your plan administrator if your plan has this feature.)If you are no longer employed by the company that sponsors your 401k plan, then you are eligible to get your money out of your 401k plan. You can cash out of the plan, or rollover your 401k plan balance to an IRA. If you choose to rollover your 401k plan instead of cashing out, then you will not have to pay taxes or penalty taxes: rollovers to IRAs are not taxable transactions if you do them the right way.