2006-09-29 07:45:24 · 5 answers · asked by crystal h 1 in Business & Finance ➔ Investing
Really easy. Do you want the cash from the 401k or do you want to roll over to avoid all the penalties? If you want the cash, call your old company and have them send you the forms. If you want to rollover, the incoming company should do all the paperwork to get your money transfered to them. Let me know if you need some options for a rollover.
2006-09-30 10:42:43 · answer #1 · answered by Susan C 3 · 0⤊ 0⤋
Contact the administrator of the401K. They will send you the forms needed. You may be able to find what you need on line.
If just get a check, the other posts are correct in warning that you will have to pay taxes and penalties.
If you roll your 401K over to another 401K or an IRA account, there is no interest or penalties.
If you are doing a 'rollover', often the new 401K or IRA administrator can handle the whole thing for you.
2006-09-29 14:57:21 · answer #2 · answered by bookbyte 3 · 0⤊ 0⤋
Write to the holder of the 401k(Fidelity, schwab, etc) and tell them you want a check. If you don't roll it over into a new 401k or IRA, you'll be taxed on the withdrawal at your normal income rate PLUS 10% penalty, unless you're a first-time homebuyer and you can show later(if needed)that the funds are for the purchase of the 1st house.
2006-09-29 14:48:28 · answer #3 · answered by Dwight D J 5 · 0⤊ 0⤋
Request a distribution from the custodian.
Careful, you can get a huge tax penalty if you do not roll it into an Traditional IRA.
2006-09-29 15:16:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you have to contact them or your old job to take the money out, but beware that you may face still penalties for early withdrawal
2006-09-29 14:48:36 · answer #5 · answered by island3girl 6 · 0⤊ 0⤋