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Author: rkmacdonald Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75810  
Subject: Re: they said, "try this board" Date: 12/10/2004 3:48 PM
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miamiphantom3 wrote:
I`ve got to do something with my 401k. It has to be done soon, whatever it is.

I just wanted to add one point to the excellent responses already posted:

If you do a "direct rollover" from your 401(k) to an IRA, you may still physically receive the rollover check in the mail, but it will be made out to your new IRA administrator, with the words "For the benefit of Miamiphantom3" on the check. This wording is critical to avoiding tax problems later. This check will be for the full amount (ie, no 20% withholding). You then send this check to your new IRA administrator to be deposited in your IRA.

Sometimes, the 401(k) administrator will send this check directly to the new IRA administrator, and you never see it.

Russ
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