Comments on: 401K Basics

By: shelly

shelly — Thu, 06 Oct 2011 17:21:37 +0000

I have rolled over my 401K to a Roth IRA, but I’m confused on how to put it on my taxes. Is it taxable? and what forms would I fill out? Thanks!

By: Mike

Mike — Fri, 15 Jul 2011 17:21:41 +0000

My 401k has $800,000. I would like to rollover this into FDIC-insured account(s). The max FDIC insurance is for $250,000 per institution. May I rollover the money in four $200,000 pieces into four different bank IRAs, each of which is FDIC insured?

By: dab

dab — Thu, 30 Jun 2011 13:17:48 +0000

Is it possible to rollover(without a penality)a 401K if you are still employed? Does it matter your age? Over 59 1/2. Company did not match funds.

By: 401krolloveranswers

401krolloveranswers — Tue, 19 Apr 2011 12:58:17 +0000

Hey there, thanks for the question. I think it really depends on two things. 1. How much longer are you going to work? And 2. When do you want to begin to draw money from the account? If you plan on working for another 10 years, then roll the account so that you can continue to max out your contributions. If you plan on retiring soon and begin to withdraw, then sure maybe Daddy Paul’s comment is apt for you. But, I am a firm believer in making the most of the time I have to invest — so even if you work two more years, that’s still time enough to sock another $10-$20 thousand in the 401k account.

By: 401 k Plans

401 k Plans — Tue, 19 Apr 2011 05:19:28 +0000

The company I worked for was just purchased by another and I need to do something with my existing 401K. Per a comment above, I may not want to roll it over if i am 55 but less than 59.5 years of age. I happen to be 55 so this has me a bit concerned, can you help elaborate on that comment?

By: Old enough to retire

Old enough to retire — Wed, 23 Feb 2011 14:49:03 +0000

If I rollover some of my 401k into a self-directed 401k where do I record the information on my income tax for?. I only see where to put the distribution not the rollover so I don’t have to pay taxes.

By: Mona

Mona — Sat, 12 Feb 2011 07:06:13 +0000

I’m divorced, I saw 401k paperwork with my name, is my 401k really mine? Or can my controlling ex “steal” it?

By: webmaster a401

webmaster a401 — Sun, 06 Feb 2011 15:10:19 +0000

Hi…Thus it becomes quite clear that if an employee contributes to several 401k plans during his working life, he may consider doing a rollover more than once. This consolidation, besides saving on record keeping and other such fee for each separate 401k plan leading to considerable operating costs, also makes managing the retirement accounts a lot easier since the employee need not keep track of several different 401k accounts. After a rollover, the employee’s retirement funds are not scattered into a number of different 401k plans that he had with each of his former employees. Instead, he can concentrate his attention on the consolidated retirement account owned by him after the consolidation process.

By: 401krolloveranswers

401krolloveranswers — Wed, 02 Feb 2011 14:43:15 +0000

Hi — That is a good question and unfortunately one to put to your old HR department. My assumption is that the non-vested monies are just that — non-vested and therefore not your money. Perhaps, since you have not done anything with the 401k, the non-vested funds are still showing but when you initiate the rollover they will go away. As I said, check with your old HR department. And thanks for reading the blog!

By: jjww

jjww — Sun, 30 Jan 2011 05:37:36 +0000

Is there any strategy available to include one’s non-vested money when initiating a rollover? I’ve been gone from the company for about a year and my non-vested balance remains in my old 401(k).