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Rolling over 401k after being laid off - what to do?

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#1

Posted 03-24-2011, 02:49 PM

flowerbridge is offline

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Rolling over 401k after being laid off - what to do?

Hi all,

I was just laid off and I had a 401k plan.

I'm going to assume it's in my best interest to roll over all the money into my IRA.

I haven't done my taxes yet for 2010 nor contributed to my IRA for 2010 either.

Will the money count as part of the $5000 max contribution I can make for 2010 or will it be for 2011?

Or do I just have to roll it over but still need to contribute $5000 from my cash?

Would it be worth the money to I see an accountant or a tax expert?

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03-24-2011, 02:49 PM
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#2

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03-24-2011, 05:22 PM

cyberl0k is offline

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You should be able to leave it where it sits or roll over to a Traditional IRA. The rollover will not count towards towards the 5000 contribution. The funds are already within the 401k. You would still be able to contribute 5000 cash towards your yearly contribution.

Once the funds are within a Traditional IRA it may be worthwhile to move the funds to a Roth IRA, but you will incur taxes with the re-characterization. This would depend on your age etc and may be worthwhile for you to consult with someone before doing this.

Last edited by cyberl0k; 03-24-2011 at 05:25 PM..

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#3

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03-25-2011, 06:46 AM

zzyzzx L9: Master Member sinceSep 2009 Posts4,857 LocationBaltimore, MD USA Reputation 426 Followers 0 + Give Rep	I would just go ahead and roll it into you personal IRA. You really don't want it in an employer's plan since the investment choices are so limited.
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#4

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03-25-2011, 02:46 PM

Talyssa is offline

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Quote from flowerbridge

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:

Hi all,

I was just laid off and I had a 401k plan.

I'm going to assume it's in my best interest to roll over all the money into my IRA.

I haven't done my taxes yet for 2010 nor contributed to my IRA for 2010 either.

Will the money count as part of the $5000 max contribution I can make for 2010 or will it be for 2011?

Or do I just have to roll it over but still need to contribute $5000 from my cash?

Would it be worth the money to I see an accountant or a tax expert?

Sorry to hear about you losing your job -hopefully you'll find a new one soon!

I think you can also leave it for now and then roll it in to your next company's plan (obviously depending entirely on restrictions either plan might have).

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