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Subject:  Re: Thorny 401k rollover question Date:  10/8/1997  11:33 PM
Author:  JeanDavid Number:  488 of 127613

<I recently started a new job. Both my previous and current employers offer 401k plans, so I applied to my previous employer for a check to rollover into my current employer's plan.>

I do not know the answers to most of your questions. I hope the check you have is NOT made out to you. If it is, you probably had 20% of it withheld for income tax, you may get stuck with 10% excise tax for premature distribution, etc. I hope, in other words, that it is made out to the trustee of the new 401(k). If it is made out to you, be sure to get rid of it by depositing it either into a new 401(k) or an IRA before 60 days are up, and put in the 20% that was withheld as well. TMF Taxes will no doubt have more about this.
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