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401 K - Distribution
I have recently left my company. I am trying to roll over my 401K to an IRA account. However, my former company is telling me that they have not made the 2007 and 2008 distributions as yet. I want to roll over what I presently have in my account right now and then when my former company pays out the distribution I can roll that over later. . Advise.
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Generally you should be able to roll over what you have right away then when the company makes the 2007, 2008 contribution you can roll the rest over to the IRA. I've worked in retirement plans for 7 years. Sometimes this second distribution to your IRA will happen automatically, sometimes you may have to request to expedite the second rollover. Once you terminate the company, it is probably low priority for the company to quickly act on the 2nd residual distribution. You will get a 1099-R for each distribution.
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