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  • 401 k question

    While I was working for this big company, I was able to save money by contributing to the company 401K program. I no longer work for this big company, now I work for myself. What can I do with the money I saved, of course some of it belongs to the big company, and some is mine. I don't have an exact amount, of How much is vested. But my question is: Can I roll over that money some place else,or is there a way that I can access that money??? I am aware that there are some goverment penalties for early withdrawal.
    Thanks

  • #2
    While I was working for this big company, I was able to save money by contributing to the company 401K program. I no longer work for this big company, now I work for myself. What can I do with the money I saved, of course some of it belongs to the big company, and some is mine. I don't have an exact amount, of How much is vested. But my question is: Can I roll over that money some place else,or is there a way that I can access that money??? I am aware that there are some goverment penalties for early withdrawal.
    Thanks

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    • #3
      If you move the money into a qualifying account you won't have any tax penalties. You can start an IRA through a bank or other finance institution. The company that currently has your 401k funds can give you a form that you and the new finance institution fill out and then send back. They will probably then send you a check made out to you and your new inst. If you withdraw the money from your 401k then you will have a 20 percent penalty taken off before you even get your money. You'll have to include that on your tax return at the end of the year and pay taxes on it there as well. If you're withdrawing the money they will give you a form to complete and it will have a place for you to choose how much you would like taken out in taxes. This will help you when you file your income taxes. It seems like there may also be another 10 percent penalty that you "pay" when you file your taxes. I'm not totally sure about that. Most companies want former employees to take their money out of the company 401k program when they terminate employment and will give them a packet of information regarding "rolling over" or "cashing out" their 401k. You can call the number on your 401k statement to get the appropriate forms or ask more detailed questions. Sometimes they will coordinate things with you and sometimes they want you to call the Human Resources Department at the company.

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      • #4
        Thanks a lot STILL LEARNING, your knowledge is very helpful, and I appreciate that you took the time to reply my posting. I am still bitter, that I had to quit my job, but I knew it was coming one way or the other. I was able to work for 5 years without any incidents, and unfortunately, I started my AOS, because I was married to USC, but after 3 years it went down the tubes, and she was so vengative, that she just did'nt want to help me anymore. SO I had a good job, and then lost it. Last year , the company I worked for, offered a "buy-out", and I already had 5 years in, I should've taken the "buy-out", and I would have walked out with 20 k in my hand. It's just my luck. I still have the 401(k), that I guess I will use it after retirement. if I make it...
        thanks for your advice.

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        • #5
          Good luck. Has your brother filed for you? Am I remembering correctly that you had USC brother?

          Comment


          • #6
            HI STILL LEARNING: YES, he did filed for me, about 2 years ago, actually my story is like this:
            When my brother became a USC (15 years ago), he filed for me, later my father became Resident Alien(10 years ago), so my father filed for me, but then my dad died, so My brother filed for me again. I was married to USC, but we did'nt go to the interview, because the process took more than 3 years, and in those 3 years, our marriage went down.
            Right now, after I quit my job, I found a job, pretty much as an independent contractor, working for myslef, I want to keep paying taxes (sounds stupid) but, I do want to keep paying taxes. As far as my brother's petition, it will take at least 12 years (we filed 2 years ago, before the 245 resolution), A friend of mine wishes to help me by Labor certification way, but my lawyer says it would take 4 years. As of now, I want it to kill myself (literally = as a figure of speech, please don't call the police). and I don't know what to do anymore. I have relatives in Canada, but since I am out of status in the good old USA, as I was reading, my application could be delayed with Canadian Immigration.
            Any ideas, or inputs, at this time, I will take anybody's word to make me feel better.

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            • #7
              TO STILL LEARNING: I forgot, last december, my sister received a letter from the State Department,( she lives in south america) that her visa was available, and she had to go for the medical inspection. (that was from my dad's application 10 years ago, when he filed for my sister and I, at the same time).
              My sister is now married, so I went to my lawyer, and he said, forget it, she is married now, if she proceed, she will be charged with FRAUD.
              I am thinking of getting a new lawyer, although my lawyer is pretty forward ans straight as an arrow, I sometimes need more re-assurance.
              I guess when I told my lawyer that my dad was dead, pretty much he shut me out.

              Comment


              • #8
                Why not let your friend do the labor certification? 4 years isn't that long. I'd doublecheck with another attorney on the specifics just to be sure there wasn't any mistake. I'm not sure about the Canadian immigration idea although I do know it doesn't go as smoothly for everyone as people are sometimes told. There is one area that requires you to speak French (I think) but the rest does not. What were you thinking of doing? Applying for skilled worker visa? Asylum?

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                • #9
                  Hi SL: I was thinking of doing family application in Canada.....But I think I need to do 2 things. Get a new Lawyer, and you are right 4 years is not that bad, all I have to do , is continue working in the shadows, and like I said before, I want to continue paying my taxes, because I think it will benefit me in the long run...

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