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Werewolfdad t1_j6oozza wrote

> Where do I find that?

In your IRA account

Do you have an IRA?

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OverCastle28 OP t1_j6oprku wrote

I thought I did, I’m making an account right now on id.me.

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nothlit t1_j6oq7dz wrote

I think you may be confusing IRS with IRA...

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Werewolfdad t1_j6oqcim wrote

Id.me is not a brokerage. Id.me is a way to get identified online for government websites (among other places)

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OverCastle28 OP t1_j6orxo4 wrote

Then out of these options what am I even supposed to check for a cash out?

Trying to cash my 401K out since I never signed up for it. Which option do I do?

A lump sum cash distribution of my vested balance, less any income tax withholding. A direct rollover of my vested balance to an IRA or a qualified retirement plan. A direct roll over of a portion of my vested balance, with the remaining amount paid as a cash distribution, less any income tax withholding.

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Werewolfdad t1_j6os56h wrote

> A lump sum cash distribution of my vested balance, less any income tax withholding. A

This one. I'd seriously reconsider though unless you are in absolutely dire straits

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OverCastle28 OP t1_j6ou85s wrote

So let’s say I go to a new job since the one I’m at is getting ready to remodel, can this 401K be transferred over now or is it too late since I got a letter in the mail saying if I do not request my distribution by March 8th, my account balance will be forced out of the plan?

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Werewolfdad t1_j6ougf8 wrote

You have until March 8 to roll it into an IRA or new 401k

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OverCastle28 OP t1_j6oukh6 wrote

Alright that’s gonna kinda screw me over, we’re not closing until April

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Werewolfdad t1_j6ouo18 wrote

Then open an IRA and roll it into that

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OverCastle28 OP t1_j6outkf wrote

What’s the website since I don’t have the correct one?

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Werewolfdad t1_j6ov369 wrote

Any brokerage.

Fidelity, schwab, vanguard, wealthfront, betterment, m1 finance, TD ameritrade, Merril, etc.

Fidelity will probably be easiest.

You can get help at /r/fidelityinvestments

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manwnomelanin t1_j6os4vr wrote

First option

Its asking for an IRA account number because you selected the second option

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manwnomelanin t1_j6osbt3 wrote

OP, you should talk to your plan administrator.

Based on your questions and comments, I don’t think you should navigate this on your own. Talking to a real person close to the situation would be worthwhile

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OverCastle28 OP t1_j6osfqn wrote

I don’t even have a plan administrator lol

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manwnomelanin t1_j6oszdp wrote

Yes you do

Ask HR

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OverCastle28 OP t1_j6ot3nz wrote

Of the old job that I know won’t answer or my new job? My issue is the job I’m at will be closing in a couple months for reconstruction.

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manwnomelanin t1_j6ot9g2 wrote

Is your 401k through your new job or old job?

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OverCastle28 OP t1_j6otdph wrote

Old job

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manwnomelanin t1_j6otki5 wrote

If they won’t answer, then I’d reach out to the help desk at brokerage where your 401k is

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OverCastle28 OP t1_j6ou6b6 wrote

So let’s say I go to a new job since the one I’m at is getting ready to remodel, can this 401K be transferred over now or is it too late since I got a letter in the mail saying if I do not request my distribution by March 8th, my account balance will be forced out of the plan?

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manwnomelanin t1_j6ozsxh wrote

I’m not sure what you’re asking

Sounds like 401k balance is too low to be kept where it is now that your employment has been terminated.

If you do not roll those funds over into an IRA or 401k with your new employer by 5/8/2023, you will be issued a check for the balance and your account will be closed.

From there, you could deposit it into your bank and accept the taxes and penalties if that is what you wish

If you want the money sooner, you’ll have to fill out a distribution form with your brokerage and have the money withdrawn/direct deposited to your bank.

Again, a rep from the brokerage can answer all of these questions

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OverCastle28 OP t1_j6p0c1w wrote

I want to cash out my 401K since I need money for bills/groceries atm, but now I don’t know if I should cause of the penalties they take out

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manwnomelanin t1_j6p0twv wrote

Yes, you will lose a proportionally significant amount in taxes and penalties

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OverCastle28 OP t1_j6p4cb4 wrote

Also, my job I’m at is going to be closing for reconstruction around April, should I just fill out a distribution form then?

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manwnomelanin t1_j6p4u9h wrote

Your new job has nothing to do with your old 401k

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OverCastle28 OP t1_j6p5o79 wrote

So how would I roll it over so it’s saved when I get a new job then?

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manwnomelanin t1_j6p6dwp wrote

Are you trying to withdraw or rollover?

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OverCastle28 OP t1_j6p771i wrote

I was going to withdraw/cash out since I need the money but now everyone is saying it’s not worth it. I’m gonna have to roll over it since my job is closing in a couple months

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manwnomelanin t1_j6p7iqe wrote

Are you planning to roll it over and then withdraw when your job closes?

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OverCastle28 OP t1_j6p7t02 wrote

Is that possible? I have to ask my boss if they’re even doing 401K cause they took over in late December

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manwnomelanin t1_j6p82p8 wrote

Im going to be honest with you, what you’re saying doesn’t make any sense

What do you think rolling over has to do with your job closing?

Thats where you’re losing me

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OverCastle28 OP t1_j6p8b04 wrote

The job I’m at right now is going to be closing within a couple months. I don’t know if I should even have it rolled over to this because of that

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manwnomelanin t1_j6p9j62 wrote

So you rolled over your old 401k to a new 401k plan at your new job?

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OverCastle28 OP t1_j6pclr7 wrote

No, we don’t even have a 401K at the new one

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manwnomelanin t1_j6pdbi4 wrote

Okay, then i still do not understand what you’re saying

I don’t think you’re using the term rollover correctly

I would contact a fidelity rep for assistance so they can talk you through all the terms and implications

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OverCastle28 OP t1_j6p8iph wrote

But idk, honestly I’ll probably just have it rolled over and take it out when we close

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BouncyEgg t1_j6opzjd wrote

> I’m trying to take out my 401K

When you say "take out" are you attempting to cash out?

As in, you're trying to take the 401k money out to spend? Like on lobster, steak, clothes, cars, jewelry, etc?

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OverCastle28 OP t1_j6oqfvb wrote

Yes, the option I checked was the “A direct rollover of my vested balance to an IRA or a qualified retirement plan. (Unless that’s not it.)

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manwnomelanin t1_j6os7ru wrote

Thats why its asking for an IRA account number. You told them you were rolling it into an IRA

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BouncyEgg t1_j6oqri6 wrote

Yes? Yes you are trying to spend the 401k money on stuff in the present?

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OverCastle28 OP t1_j6oqv9l wrote

Yes on the present like bills and groceries.

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BouncyEgg t1_j6orh0i wrote

> Yes on the present like bills and groceries.

That's the problem. You're not performing a direct rollover. That's not the right option.

You should really really really reconsider proceeding with your plan.

Not only will you be paying ordinary income tax, you will also pay a 10% penalty.

It's like having $100 in your pocket and then choosing to light probably $30 on fire in order to spend $70.

Do you like lighting your own money on fire?

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OverCastle28 OP t1_j6orufg wrote

The problem was me even being on this when they never asked me too. I need money for bills and if I’m able to get this money then I’m taking it.

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BouncyEgg t1_j6osnim wrote

> I need money for bill

Friend... You do whatever you feel best.

But as an internet stranger who has no skin in your game, your highest yield for effort is likely going to be in evaluating your budget and examining your expenses.

Cash out your money if you please. It's yours to do with as you wish. I'm sorry you feel slighted that you have 401k contributions when you felt like you were never asked. It may be difficult to accept that it may be better to leave the money invested as it seems like emotions are involved.

Good luck to you.

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OverCastle28 OP t1_j6ou75w wrote

So let’s say I go to a new job since the one I’m at is getting ready to remodel, can this 401K be transferred over now or is it too late since I got a letter in the mail saying if I do not request my distribution by March 8th, my account balance will be forced out of the plan?

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BouncyEgg t1_j6oxc6o wrote

You can roll the money to an IRA at a custodian of your choice.

Sounds like you need very concrete instructions. Assuming you are interested in doing the most financially efficient route, this would mean maintaining the tax advantaged status of the 401k money.

  • Go to Vanguard.com, Fidelity.com, Schwab.com
  • Pick one of the above.
  • Click through to open a Rollover IRA (or Traditional IRA). Write down your account number.
  • Click through to transfer an external account. You will enter in your 401k information. An address will be supplied to you. KEEP THIS ADDRESS.
  • Go to your 401k.
  • Choose: A direct roll over
  • Provide the IRA account information that you just opened. Provide the IRA account number.
  • Provide the address for the 401k to mail the check. Sometimes the 401k mails the check to you and then you have to mail it to your IRA.

Call your IRA's 1800 phone number if you run into trouble or confusion or if you don't know what to do next. All of them have people who will sit on the phone with you and walk you through everything, step by step, click by click.

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PM_Georgia_Okeefe t1_j6ot7zf wrote

Why are you trying to cash out your 401k?

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OverCastle28 OP t1_j6otirn wrote

I need money for bills/groceries, I’m pretty sure since I’m now “terminated” from that job I lose the money?

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manwnomelanin t1_j6otrqe wrote

It depends on if your employer was contributing and, if so, whether or not that money was vested before you left

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PM_Georgia_Okeefe t1_j6oubok wrote

The 401K is yours. You can roll it into another 401K with a new employer or into a personally managed IRA.

Just realize that if you cash it out there is an automatic 10% penalty and then it will be subject to income tax next year.

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OverCastle28 OP t1_j6ouoeh wrote

So should I do personally managed IRA then? We’re not closing by March

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PM_Georgia_Okeefe t1_j6ouywy wrote

It's up to you. If you think you'll have a new job in the next few months, you can just wait and roll over.

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OverCastle28 OP t1_j6ov4vs wrote

I don’t think I will tbh. We’re not closing until April and I’d honeslty like to take some time off cause of my back

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