Oh Baby! Posted July 31, 2007 Report Posted July 31, 2007 Can I rollover my 401(k) plan into an IRA account? Quote
TAXBILLY Posted July 31, 2007 Report Posted July 31, 2007 Need more facts. Are you still working or are you retired? Does the 401(k) allow a rollover? taxbilly Quote
kcjenkins Posted July 31, 2007 Report Posted July 31, 2007 Not enough information to answer that question. Depends on a lot of facts not in evidence. Quote
Oh Baby! Posted August 1, 2007 Author Report Posted August 1, 2007 I am not anywhere near retirement age. I was assuming that if the 401(k) Plan itself would not facilitate the rollover, that I would make the full withdrawal and then deposit it in an existing IRA account. Quote
Pacun Posted August 1, 2007 Report Posted August 1, 2007 Are still employed by the company that provided you with the 401K where you have the money you want to roll over? Quote
kcjenkins Posted August 2, 2007 Report Posted August 2, 2007 It depends on how the particular 401K plan is written. Some allow you to withdraw funds while still working, but many do not. Ask your plan administrator about what is allowed. You may only be allowed to withdraw them if you leave that employment. Quote
jainen Posted August 2, 2007 Report Posted August 2, 2007 >>I would make the full withdrawal and then deposit it in an existing IRA account<< The fund will probably withhold 20% of your withdrawal for federal taxes. To rollover that portion, you would have to find additional money from somewhere else. Quote
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