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| Subject: Re: can 401(b) be rolled over? | Date: 3/26/1999 10:14 PM | |
| Author: TMFTaxes | Number: 12964 of 126254 | |
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[[I have an old 401(b) that Iam no longer able to make contributions to since I no longer work for that employer. It has sat there for several years earning 5%-8% interest in a deferred annuity plan. My employer made no contributions to the account.]] That stinks... [[ Is anyone familar with 401(b) plans? Can I roll it over into my IRA where I can manager this money myself?]] Yup...you sure can...and likely should. The only thing that you might want to consider is to set up a separate IRA rollover to handle these funds. If you do, you'll always have the option to place these funds BACK into a future employer plan. If you think that you will NEVER be interested in placing these funds back into another employer plan, then you can certainly roll it over to your existing IRA with no tax or penalty consequences. TMF Taxes Roy |
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