i just lost my job. had worked there for almost 2 years and had a little under $1000 in my 401k. thats not much money, but it would definitely help now. am i entitled to get that? i know i probably will take a tax penalty.
2007-06-29 06:31:28 · 3 answers · asked by Justin A 2 in Business & Finance ➔ Personal Finance
You are entitled to roll your 401k into an IRA or you could leave it there. You will NOT incur a penalty unless you choose to take the money out of a retirement type account. Good luck! I have rolled a 401k into an IRA before and its not difficult. Just figure out where you want to open up an IRA, then contact your plan administrator at your ex-company and get a rollover election form. They'll mail one to you as well.
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2007-06-29 06:36:45 · answer #1 · answered by Bronzebeardanswerer 4 · 0⤊ 0⤋
DO NOT TAKE IT OUT!!!! roll it into a IRA or a new employers 401K. If you take it out you will have to give about 25% of it back to the government.
2007-06-29 13:38:33 · answer #2 · answered by copguy 2 · 0⤊ 0⤋
You are probably not vested so at most you can get what you put in. Takes 5-7 years to get vested
2007-06-29 17:38:16 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋