Ask Experts Questions for FREE Help !
Ask
    merih1940's Avatar
    merih1940 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 5, 2008, 12:51 PM
    Can I cash out my 401K?
    I am 68 years old and reiting in 6 months. I have a small (6K) 401K and do wish to roll it over to IRA. Shall I be able to cash out without penalty?
    Thank you
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
     
    #2

    Jul 5, 2008, 01:03 PM
    Welcome to AMHD. "...A distribution of the current 401k plan assets is ordered (this is reported on the IRS Form 1099-R.) Once the assets are received by the employee, they must be contributed into the new retirement plan within sixty days; this deposit is reported on IRS Form 5498. The government limits 401k rollovers to once every twelve months."
    See: 401k Rollover - The Benefits of Initiating a 401k Rollover

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Cash Out [ 1 Answers ]

Hello I am 25 years old and I left my job in May 2007. I have about $7000 in my 401k, I have just moved to another state and have been unable to obtain employment. I need this money desperatly, however I was told by my plan administrator that I can not cash out until August of 2008. Is this...

401k cash out [ 2 Answers ]

I am 45, I have a 401k with 41,000 in it from a old job I have a little over 21,000 in credit card debt I am drowing each month I do have other 401ks and other investments of 62,000 is it wise to cash out the 41,000 and pay off credit cards and build wy savings back where it naads to be :confused:

Cash out 401k [ 2 Answers ]

If you cash in a 401K that was only about $3,500 how will that affect your income tax return the following year?

401K cash out [ 2 Answers ]

Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?

401K cash out, help [ 4 Answers ]

Does anyone like a challenge? Lol As you can tell by the title a lot of changes in ’06…I reside in NH but work in MA and collected unemployment in Mass... 1. Laid off 1/4/06…Got residual hourly rate of $1500 GROSS, commission of $500 GROSS and annual bonus of $1000 GROSS… 2. Cashed out...


View more questions Search