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help me out duders. 401k question
Ok here's my situation.
I had a 401k plan at my old company I used to work for. I left that company, got a new position at a new company, and a new 401k. I didn't roll my old one over into my new one immediately. A while later, I learn that my old company was moving their 401k plan to a new firm as the result of them being bought out. I wad ineligible to have my plan carried into their new one so I figured then was as good as ever to roll my old plan into my new one at my new job.
However, my time at tha job was coming to a close. It was a contract position that I had just a month left on. Still I go through the paperwork, called the people I needed to, did everything I had to basically, to get my old 401k rolled over into my new one before I left that position. And everything was taken care of, or so I thought.
A little while later, I get an envelope in the mail, with a check for the contents of my old 401k and a letter saying that they couldn't accept contributions to my second jobs 401k as I was no longer an employee of the company. Even though supposedly I made that contribution a month before I left that company.
So what can I do with it? I can't put it in my old 2 plans, and my current position only offers me an ira. If I put it in there it will be taxed and penalized, same deal if I just put it in my checking or savings account.
What are my options?
I had a 401k plan at my old company I used to work for. I left that company, got a new position at a new company, and a new 401k. I didn't roll my old one over into my new one immediately. A while later, I learn that my old company was moving their 401k plan to a new firm as the result of them being bought out. I wad ineligible to have my plan carried into their new one so I figured then was as good as ever to roll my old plan into my new one at my new job.
However, my time at tha job was coming to a close. It was a contract position that I had just a month left on. Still I go through the paperwork, called the people I needed to, did everything I had to basically, to get my old 401k rolled over into my new one before I left that position. And everything was taken care of, or so I thought.
A little while later, I get an envelope in the mail, with a check for the contents of my old 401k and a letter saying that they couldn't accept contributions to my second jobs 401k as I was no longer an employee of the company. Even though supposedly I made that contribution a month before I left that company.
So what can I do with it? I can't put it in my old 2 plans, and my current position only offers me an ira. If I put it in there it will be taxed and penalized, same deal if I just put it in my checking or savings account.
What are my options?
