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Author: Gglass555 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121258  
Subject: Re: 401K&Pension rollover to IRA Date: 1/19/2000 2:24 AM
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Due to the ever changing world of high tech employment, I had the opportunity to rollover funds from the 401K plan at my former employer and a mandatory lump-sum disbursement of my pension/retirement fund from another previous employer.

So, in February of 1999 I rolled over the entire sum into an IRA.

More good news, I got laid off at Christmas, leaving me with about $3,000 in that 401K plan.

QUESTION 1] Is there anything I need to report on my taxes with regards to the Feb 1999 rollover into an IRA?

QUESTION 2] What are my options with the $3000 in the 401K? I need to move it somewhere...

QUESTION 3] Can I create and contribute to an education IRA for a neice or nephew?

All replies and suggestions taken foolishly, thanks in advance!*****************************************************************************ANSWER 1.)In IRS instruction booklet for form 1040(for 1999), you'll find detailed instructions on how to record the rollover "event" on page 24.
ANSWER 2.) Most 401(k) plans have a minimum dollar value that your plan requires in order to leave the money in place. If the value is less than this amount, ($3500 for my company's plan), the plan will distribute this amount to you. Any taxable money from this distribution should be recorded as noted in answer 1.
ANSWER 3.)Sorry, not familiar with this subject.
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