CLM asked:

Luckily I was able to get in to good company stock and should have as of 1 January approx 120k in my 401k I will be 27 at that point. Should I stick with 401k plan or should I take some of that money and place it somewhere else? If I do stick with the 401k what could my outcome be at age 65?


Question posted courtesy of: Don

last time I try asked:

I will not have enough money to fund both an IRA and a 401k. I know with a 401K I would be better off with a tradional IRA Should I just let the ROTH IRA ride, or should I roll this into my new 401K. Can I even do That? The company won’t start matching me dollar for dollar until I have been there a year, yet I can enroll in the 401K after only 30 days. I use Fidelity for my IRA and the new 401K offers fidelity so it would be an easy transfer… I think? What would you do? My last employer offered only a pension so I have no 401K money to roll over.


Question posted courtesy of: Jonathan

jim in arziona asked:

I am over 70 and have a managed IRA and a 401K, I would like to transfer the 401K funds to the IRA. Calling the IRA I did not get a clear answer to my questions. Will I be taxed on the 401K dollars over $5000? If so can I do double that and apply it to two years? Really appreciate any help


Question posted courtesy of: Nicholas

The_Real_Guildar asked:

Hello -

I currently have a 401k sitting around from a job I left a few months ago. I understand that I have the option to roll this 401k over to an IRA. Once the funds are in an IRA, I can use $10,000 for a down payment on a new home (I would be a first time homeowner). I also understand that if my wife had an IRA, she would also be able to use $10,000 of it towards a down payment on a home, making it $20,000 total. My question is - is it possible to roll over my 401k into two different IRAs, one for myself and one for my wife, and use $20,000 from the two for a down payment on a home?

Thanks.


Question posted courtesy of: Joy

william p asked:

My employer deducted money from my paycheck for my 401k on Dec. 28, 2007 and the investment company hasn’t received the contribution. Also, I have received 2 paychecks since then, on Jan. 11 and Jan 27 and The 401k contribution was deducted out of each check, but nothing has posted to my 401k account… Normally the contributions will post within 2 weeks, but its been over a month and I’m really getting concerned. How long does a company have before they forward the funds to the investment company? thanks


Question posted courtesy of: Diane

puZZEld asked:

1) What happens if you contribute more than 15k into a 401k limit (I am under the age of 50) ?
2) Does the company-HR automatically stop you from contributing or is the money taxed and then put into your 401k ?

I am rapidly approaching the 15k limit and I forgot to change my elections prior to 6/30 (our company allows changes only once a quarter). I sock away about $2500 a month into my 401k. (I started saving late)…

Further : If the answer to the question is yes to 1)…

3) What happens as it sits in the 401(k) ? How does IRS differentiate between taxfree 401k investment vs taxed 401k investment ? How do I keep track of it ?
Thansk STEVEN F ..

However, those rules you stated are for Profit Sharing Plans and not the Elective Deferrals 401k Plans.

However in the same link you mentioned, there is the following.

Treatment of Excess Deferrals

If the total of an employee’s deferrals is more than the limit for 2006 the employee can have the difference (called an excess deferral) paid out of any of the plans that permit these distributions. He or she must notify the plan by April 15, 2007 (or an earlier date specified in the plan), of the amount to be paid from each plan. The plan must then pay the employee that amount “by” April 15, 2007.

Keyword — BY


Question posted courtesy of: Eric

mezwood asked:

My husband is about to quit his job to go to a better company. He has about 6,000 in 401K invested at this time. He seems to think that we will be able to withdraw that 6,000 from his 401K and use it to help with the expenses of moving, and possible towards a down payment of a home…I was always under the impression that a 401K can only be accessed when you retire…can anyone tell me what the rules are with a 401K?


Question posted courtesy of: Alvin

King asked:

so what happen to your 401k if i die now? who will get the money? i got no family and also if we try to withdraw our money there’s a 10% penalty or more, plus tax so theres no benefit on this 401k ,all the rate that u build and save just goes to the penalty and tax. but this is only a dumb opinion of mine so please enlighten about this 401k. how it will benefit me and i dont think i will live long enough to buy a coffin from 401k.


Question posted courtesy of: Monica

vecokid asked:

I have a 401k that is managed by the president of a small company I work for. I’m having a hard time trying to understand how deposit are made into the account- I’ve asked the President about it and just get answers that don’t add up- At first money taken from my paycheck was deposited into the 401k that day or shortly after, later it turns into every other paycheck , now we are at once every month if that - its hard to keep track of this…shouldn’t it be as simple as looking at my pay stub and looking at the 401k contributions made that year to see if they are the same? I’m not sure what to do now


Question posted courtesy of: Christian