Viewing a single comment thread. View all comments

manwnomelanin t1_j6ot9g2 wrote

Reply to comment by OverCastle28 in What is my IRA account number? by OverCastle28

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

1

OverCastle28 OP t1_j6otdph wrote

Old job

1

manwnomelanin t1_j6otki5 wrote

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

1

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?

1

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If you want the money sooner, you’ll have to fill out a distribution form with your brokerage and have the money withdrawn/direct deposited to your bank.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

1

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

1

manwnomelanin t1_j6p0twv wrote

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

1

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?

1

manwnomelanin t1_j6p4u9h wrote

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

1

OverCastle28 OP t1_j6p5o79 wrote

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

1

manwnomelanin t1_j6p6dwp wrote

Are you trying to withdraw or rollover?

1

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

1

manwnomelanin t1_j6p7iqe wrote

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

1

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

1

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

1

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

1

manwnomelanin t1_j6p9j62 wrote

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

1

OverCastle28 OP t1_j6pclr7 wrote

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

1

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

1

OverCastle28 OP t1_j6p8iph wrote

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

1