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    merih1940's Avatar
    merih1940 Posts: 1, Reputation: 1
    New Member

    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

    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

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