Is there a time limit to rollover 401k from previous employer to IRA account?
2007-09-10 14:52:04 · 3 answers · asked by Bumbles 1 in Business & Finance ➔ Personal Finance
Only once it is cashed out. Then you have 60 days to put it in to an IRA.
2007-09-10 16:13:09 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
Less than 1000$ they may just send you a check and hold the taxes. It is called a diminimus payout. Generally if you have inbetween 1000-5000, they may just automatically roll you over to an IRA unless you make an election. Over 5 grand and there is no time limit except if the plan is terminating, which that case you would get a notice. One thing to check on though is if you are no longer working with the company they may charge to a record keeping fee...IRA are a great tool because they have more options and they are a personal account so no plan rules....
2007-09-10 17:48:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Simple answer is no. Exception, if you have little money in the 401k plan the company may require you to either roll it over or take a distribution. The ones I've seen are $5,000 or more required to keep it in the 401k.
2007-09-10 14:57:35 · answer #3 · answered by HH@20 2 · 0⤊ 0⤋