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Author: intelinsider Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Change Job Date: 7/2/2001 4:03 PM
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I just change employer. I had 401K with my previous employer for 6 months in 2001. If I choose not to participate in 401K at my current/ new employer, can I still invest in IRA Traditional for Year 2001?
Thanks
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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52258 of 121061
Subject: Re: Change Job Date: 7/2/2001 4:15 PM
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I just change employer. I had 401K with my previous employer for 6 months in 2001. If I choose not to participate in 401K at my current/ new employer, can I still invest in IRA Traditional for Year 2001?
Thanks


No. The contributions from the previous employer kills it.

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Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52272 of 121061
Subject: Re: Change Job Date: 7/2/2001 10:49 PM
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When you leave your old job, to avoid taxation on the contributions to the 401k from the previous employer you have two choices:

1. Rollover your 401l to your new employer's 401k plan, or

2. Rollover your 401k balance into a traditional IRA. Have a trustee transfer it for you so you won't have the mandatory 20% withheld if you receive it first.

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