Dunno what happened to JimG but me thinks he got up on the wrong side of the bed this morning. OK...for the record...I am not a financial planner. I am a CPA in private practice these 25 years. Randy has a good handle on it. Let's be sure first of all that you are rolling it over into an existing IRA and not a brokerage account. Given that you are doing this, then the best way to handle it is a fiduciary to fiduciary transfer. That is, have the broker for the 401K send it directly to Ameriprise into your account there. If they write you a check you have to deposit the check within 60 days. If you elect to receive the check there is 20% federal withholding on the check. When you deposit the check you may have to make up the 20% out of your own pocket unless you want to pay tax (and possibly a penalty depending on circumstances) on the tax withheld. This can get fairly confusing. I would recommend strongly that you have the 401K folks do a direct transfer. They must do this. One of the criteria for being a "qualified plan" in the eyes of the IRS is that you offer this option. If you need more info, just let me know. Post here or e-mail me. Pretty sure e-mail is open in my profile thru modern view. If not, let me know. HTH
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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