How to roll over a 401K?
Answers:
You can, but you'll have to pay ordinary income tax on the proceeds. Are you familiar with the term "Qualified Domestic Relations Order" (QDRO)? That should be part of the divorce decree-it will allow you and your spouse to eliminate the 10% early withdrawal fees upon distribution of the 401(k). I would recommend checking with your attorney for the specifics of the QDRO and how to best deal with the distribution of the funds. Also, just as a side note, be sure that a beneficiary for your portion of the proceeds is set up even before distribution, just in case something happens to you prior to the distribution (I know-sounds morbid, but these things do happen).
I would strongly recommend that you roll the money into an IRA to avoid any tax, but that's a conversation best left to you and your financial advisor.
unknown at this time the program has not been in very long call the 401K for your question.
Yes, but you'll pay taxes on it. Your best bet is to roll the proceeds of the QDRO over into an Individual Retirement Account (IRA) established in your name. If you do need some of the money for bills, hardships, etc., you can roll part of the money over into an IRA, thereby minimizing your tax liability.
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