Ask Experts Questions for FREE Help !
Ask
    slfarris72's Avatar
    slfarris72 Posts: 2, Reputation: 1
    New Member
     
    #1

    Jul 2, 2011, 07:42 AM
    Withdrawl
    The company I work for was recently acquired by another company. As a result, we no longer will be using Fidelity as our investment company. Can I take a cash withdrawl of all my my funds in the Fidelity fund?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Jul 2, 2011, 08:31 AM

    First of course you don't want to withdraw it, since you will have to pay large amount of taxes and penalty.
    slfarris72's Avatar
    slfarris72 Posts: 2, Reputation: 1
    New Member
     
    #3

    Jul 2, 2011, 09:50 AM
    I anticipated a tax penalty, and under normal circumstances I would roll it over. However, due to an unforseen problem, I would like to take it out in cash. So, would I be allowed to cash out?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #4

    Jul 2, 2011, 03:16 PM

    First, it matters what type of retirement fund. Second, Is the current plan being terminated or will the funds simply be transferred to the new company's plan?

    So we need more info here.

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!

Withdrawal [ 3 Answers ]

Will promethazine help with withdrawl symptoms

Withdrawal? [ 9 Answers ]

Hello. I need help. For the past few months I've been drinking and smoking ciggs increasingly... more and more. Within the past 3 weeks it has gotten reagular. Drinkinging every night. Drunk a lot. Smoking about 2 ciggs a day and more when heavy drinking. Last night, I went out for drinks...

401k withdrawal [ 2 Answers ]

I am withdrawing all of my 401k. 20% is taken out already and I will put aside 10% tor tax time. How can I find out how much I will be charged above the 20%?

401k withdrawal [ 2 Answers ]

I want to take 46,000.00 from my 401K. I want to withdrawl this amount to purchase a home. I know this is not the smart thing to do, however I need the money, in order to purchase the home. I believe my plan will withhold 10% for federal taxes, and I also believe I will need to pay a 10% penalty....

Withdrawl from opiates [ 8 Answers ]

I am going through opiate withdrawl and don't know what to do ?and where to get help I was on methodone clinic had went to jail when getting out I couldn't take the pain so I did take methodone once and with in went back to the clinic and then my urine test came up with methodone and so they said I...


View more questions Search