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Dave CPA
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I terminated my employment with company X as of October 1.

Resolved Question:

I terminated my employment with company X as of October 1. I was paid by the hour, and my employer made contributions to my 401k of roughly 8% of my gross income. Their contributions generally lagged the income by two to three months. I would like to roll over the funds in the account, but I was told that the only way to do a rollover after termination was to close the account, which means that I would not receive the last two or three months of contributions. Is there no way I can do a partial rollover now and still receive those contributions?
Submitted: 6 months ago.
Category: Tax
Expert:  Dave CPA replied 6 months ago.
Hello,

Welcome to Just Answer,

Although the Internal Revenue Service doesn't prohibit partial rollovers, some plans allow them, while others take an all-or-nothing approach, meaning you must either roll over your entire balance into an IRA or leave it all behind. Check with your 401(k) plan administrator for details on how your plan works.

Please let me know if you have any questions before you rate my answer. A positive rating is what I strive for. Regards Dave
Dave CPA, Accountant
Category: Tax
Satisfied Customers: 840
Experience: Vast knowledge within the accounting/tax industry
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