Distribution and Withdrawal Questions

How do administrator changes affect Rollover Opportunities.

feeds@yuku.com (bunkerjunker) — Sun, 08 Nov 2009 22:08:47 GMT

My plan is changing administrators this next year. Can I use that opportunity to rollover part, or all of my 401(k) to an IRA?

Former employer will not send in rollover paperwork

feeds@yuku.com (Need Some Advice) — Wed, 04 Nov 2009 17:40:36 GMT

I left my old employer about two and a half years ago. I had a small 401(k) account (under $10,000) in their 401(k) plan. About 8 weeks ago, I sent in the paperwork to my former employer to rollover this 401(k) balance to my IRA account. I kept checking my IRA account and, after several weeks, noticed that the rollover never took place. I called my ex-employer and the person in charge of the plan mumbled something about they had had problems with the existing recordkeeper/custodian and that...

401K Withdraw - Divorce

feeds@yuku.com (hodo2002) — Wed, 28 Oct 2009 09:37:09 GMT

I need some advice if possible. My wife advsed this week she wants a divorce. She's agreed to let me keep my 410K($170,000) in return she keeps her inheritance approx. $70,000 plus her 401K about $70,000. So far I'm ahead in the deal by $30,000. Now I want to keep the house I live in and we have about $70,000 equity in the house. My question is would the IRS allow me to tap into my 401K and allow me to pay her her half of the equity $35,000 plus pay off the remainder of the...

withdrawal at 59 1/2

feeds@yuku.com (mlefler) — Tue, 27 Oct 2009 16:43:37 GMT

If I am still employeed but wish to close my 401K after I turn 591/2, can my employer deny me my own money?

Death Benefit w/o beneficiary

feeds@yuku.com (steve1) — Thu, 15 Oct 2009 07:53:44 GMT

What happens when a 401k participant dies and leaves behind no beneficary and no known next-of-kin? To make matters worse, the 401k plan is terminating and all accounts must be paid out. What would be the best thing for the trustee to do with the deceased's account?

401k withdrawal to roth

feeds@yuku.com (jrga42) — Mon, 05 Oct 2009 07:45:38 GMT

i will be leaving my job at end of year.i will be roling it over to a roth ira what is the time limit before i can withdraw money from my roth?

401k withdrawal

feeds@yuku.com (jrga42) — Sat, 03 Oct 2009 14:37:42 GMT

I will be separated from my employer at the end of the year. I want to rollover the majority of my 401k into an IRA. I want to withdraw the remaining amount. Will I be required to pay taxes and penalities on the entire amount or only on the amount I will be withdrawing?

401K Withdrawing Rules??

feeds@yuku.com (afteraithe) — Fri, 02 Oct 2009 14:55:12 GMT

Hello everyone,

Are there rules associated with withdrawing from your 401K?
I've been reading up on it, and I'm not sure at the moment. I fount this site dedicated to it, but I want to get some personal advice as well.
If you could let me know, that would be awesome.

Thanks guys

Age 55 distribution exception

feeds@yuku.com (Dean) — Tue, 29 Sep 2009 07:18:26 GMT

I have a guy who just came to me with an unusual situation. He turned 55 and wanted to take out his 401(k) money. Hen was advised to roll it over into an IRA. However, a few months later and in the same tax year, he distributed all the money he had rolled into the IRA and closed the IRA. My question is whether he is precluded from using the Age 55, separation from service exception for the 10% penalty tax.

Withdrawl options. Considering bankrupcy

feeds@yuku.com (brokejensen) — Fri, 11 Sep 2009 09:26:13 GMT

I'm broke, to the point of a debt counselor recommending I consider bankruptcy. Basically My 401k worth $18,000 and I can only get a loan for half of it, or $9,000. I have credit card debt that's in the ball bark of $20,000 and monthly budget (after bold cuts) showing me still slightly short each month. It's very frustrating to see that I have money I cannot use to pay bills I really need to. I don't qualify for a hardship withdrawal. I did stop the source of my debt (a...

Hardship Withdrawal 401K on Disability

feeds@yuku.com (65futura) — Mon, 31 Aug 2009 14:38:37 GMT

I understand if I am totally disabled (which I am) I can make a 401 K penalty-free hardship withdrawal according to what I have read on line. I need to know the proper procedure for making a formal request for the withdrawal. I have transferred my 401K from my employer to a local Retirement Investment Firm and been invested since 2006. Iam 62 years old and have been disabled since April 2006. If anyone can help me please do so, it would be greatly appreciated.

can I be taxed more than once on defaulted 401K loans?

feeds@yuku.com (pepperlou) — Mon, 31 Aug 2009 08:08:00 GMT

After leaving my job in 2006 I had to cash out my 401K and default on 2 existing loans. I paid dearly for that in taxes and penalties as I knew I would. I went back to the same company six months later and sadly, was just laid off due to staff reduction. If I were to decide to cash out my 401K, would/could I be taxed on those 2 same loans again if I don't repay them? I'm hoping the answer is no as we desperately need the money, but...

Want to get money from American funds for 401k that is being closed.

feeds@yuku.com (ggib2757) — Sun, 23 Aug 2009 21:25:18 GMT

I am part owner of a business that has a 401k. The business is closing and the 401k is being closed as well. I was told to contact American Funds and ask them to move it to a rollover IRA but they are refusing because they have not been contacted that the plan is closing. Can you shed some light on this. Thanks

Does the 401K Distribution Affect Unemployment Benefits?

feeds@yuku.com (pgapro) — Sun, 23 Aug 2009 06:44:28 GMT

My benefits here in Texas are due to run out in 3 weeks unless there is an extension granted. Here in Texas from what I can see you cannot call and find out if you are elibible for extensions, they send out a letter for you to file for extensions.

So, having said that, I am thinking of withdrawing my 401K plan to cover my living expenses, medical bills and tuition.

I was 55 when I was laid off so I do not have to pay the 10% penalty and I was laid off early in the year so...

Company 401 Termination

feeds@yuku.com (lkrawiecki) — Sun, 16 Aug 2009 07:40:43 GMT

Company is terminating the 401K plan due " Adverse Business Conditions." The forms they are asking us to sign says the reason for separation from service is: Termination of Employement. This is not a true statement we are still employed. I am very concerned that the rollover to an IRA will be come a taxable situation due to paperwork problems. What should the form that we sign actually say?

Mortgage related withdrawls

feeds@yuku.com (CA Ed) — Mon, 10 Aug 2009 09:38:27 GMT

I am 60 years old and have an account from a former employer that is now out of business. I have a new account with my current employer. My question is: My mortgage is upside down and my interest rate is about to reset to a higher APR. I would really like to refinance into a fixed loan but cannot because of the amount owed vs. amount of appraisal. Can I withdraw the difference in the two to pay my mortgage down without a penalty? Will I have to repay it? Thanks in advance.

401k frozen

feeds@yuku.com (duda5050) — Wed, 05 Aug 2009 09:05:16 GMT

I AM ALSO HAVING THE SAME PROBLEM WITH THE U.S. PROPERTY SEPT ACCT.DOES ANY ONE HAVE DEFINET ANSWERS

401k frozen

feeds@yuku.com (duda5050) — Wed, 05 Aug 2009 08:52:29 GMT

I WAS TERMANATED FROM MY JOB TOO, IN MICHIGAN, I HAD ALL MY MONEY IN THE
U.S. PROPERTY SEPT ACCOUNT.IM HAVING THE SAME PROBLEM AS THE REST OF YOU
IS THIS ILLEGAL OR AM I ENTILTED TO MY MONEY. I ALSO TRIED TO TRANSFER MY MONEY WHEN I WAS WORKING AND NOTHING HAS MOVED IN 8 MONTHS. THIS IS THROUGH PRINCIPAL FINANCIAL.WHAT CAN I DO???

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is purchasing primary residence the same as paying off mortgage of primary residence?

feeds@yuku.com (sacline) — Sun, 02 Aug 2009 12:02:52 GMT

Is purchasing a primary residence the same as paying off mortgage of a primary residence? My husband is considering a distribution from his 401k plan (in service - he's currently working) to pay off our mortgage. We will use $40k of our own savings (and still have extra for emergency) and take $58k from the 401k (if permitted) to pay the $98k on the mortgage. Why??? I'm on LOA for health reasons and SS disability is pending (and unlikley). We are good savers and have no credit...