Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Investment Banking (https://www.askmehelpdesk.com/forumdisplay.php?f=182)
-   -   Can I cash out my 401K? (https://www.askmehelpdesk.com/showthread.php?t=234102)

  • Jul 5, 2008, 12:51 PM
    merih1940
    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
  • Jul 5, 2008, 01:03 PM
    George_1950
    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

  • All times are GMT -7. The time now is 11:01 PM.