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PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 1944
Experience:  Tax professional and business consultant for 32 years.
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I have $3,00 + as a rollover in my new 401K it been in there

Customer Question

I have $3,00 + as a rollover in my new 401K it been in there for the past ten years and is doing nothing. Can I take it out moving it to a IRA without penalties?
Submitted: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.

PDtax :

Hi from Just Answer. I will be helping today.

PDtax :

Yes, you can make a direct trustee-to-trustee rollover into your own IRA without penalty.

PDtax :

The IRA you should use should be separate from any others, so you know the history of the funds in the account. The trustee of your new IRA account, be it a bank, brokerage or other investment house, will have paperwork for you to execute so the transfer can be done directly. Often, you won't have to contact the 401(k) administrators yourself.

PDtax :

The lack of investment options in company plans is one of the main reasons people want to switch and take control of their funds. And, a ten year window likely includes good gains up to 2007-2008, followed by several down years, and some restored value over the last few years. We see new clients with this investment history all the time.

PDtax :

Please advise if you need anything further. Positive feedback closes out your question. Thanks from Just Answer. I'm PDtax.

Customer:

Thank you that was very helpful!!

PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 1944
Experience: Tax professional and business consultant for 32 years.
PDtax and 3 other Finance Specialists are ready to help you

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