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Jesse Handel
Jesse Handel, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience:  7 years tax preparation. IRS Registered Tax Preparer.
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Hi, I would like to know if I can move my 401 that I have invested

Resolved Question:

Hi, I would like to know if I can move my 401 that I have invested with my company to some other program without a problem. I have been with them for 17 years and am currently employed with them. I am looking to see if I can protect my money without any problem or would I be fined? Looking after my investment. Thanks
Submitted: 5 years ago.
Category: Tax
Expert:  Jesse Handel replied 5 years ago.

HelloCustomer Thank you for coming to Just Answer and allowing us to help you with your question. There are a number of factors associated with your question.

 

Legally speaking, you can roll your 401k from one program to another without any tax penalties as long as you make sure that the money goes directly from one financial institution to the other without you ever touching it. If you have them send you a check and you reinvest it (which must be done within 60 days), the original institution is required to withhold 20% tax and you must add enough of your own funds when you reinvest it to make up the 20% difference in order to avoid tax penalties. As long as it goes from one institution to another, there is no withholding and no need for you to add any money.

 

Another thing to check is to make sure that your company's 401k allows rollovers to other financial institutions. If they don't allow it, then you can't do it until you stop working for that company.

 

A third thing to keep in mind, is that it would be a good idea to discuss your plans with a financial advisor before you make any moves. Most companies that have investment plans have someone that can advise you about the best moves to make based on your age, amount of investment, years to retirement, and other factors. I am not a financial advisor and cannot give you specific advice, but my financial advisors are recommending that this is not a time to make big moves based on the current situation. If you have time to wait for your retirement to recover, the best move may be to ride out the current turmoil. Please consult a financial advisor before you make any moves with your 401k. You don't want to lock in losses and then find out you didn't need to.

 

I hope this helps. Please let me know if you need any more information.

Jesse Handel, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience: 7 years tax preparation. IRS Registered Tax Preparer.
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