if i take early 401k withdraw and moved to another state, and it was mailed to the new state,who gets the tax?
463203
state where acct. originated
101920
The answer above is not necessarily true, hardship withdrawals are still penalized, just no tax is withheld.  \n\nIn MOST cases, you will have to pay regular income tax and a 10% penalty.  Talk to a qualified tax planner.  By the way, this is federal law, not state.
29021
If you fail to pay your 401k loan, then you are taxed on it as if you would have taken a regular distribution. (Tax + Penalty for early distribution).\n\nThe amount that you owe is deducted from your total 401k amount.\n\nFor example.  If you take a 401k loan for $1000, and you have $3000 in your 401k and you quit your job, then the $1000 is deducted from your $3000 leaving you with a $2000 401k total.\n\nThe $1000 is also treated like a "distribution".  In other words, it's treated like an early withdrawal.  So at the end of the year, you owe a 43% penalty on the $1000, or $430 in taxes.  (33% income tax [or whatever your income tax rate is], 10% penalty).\n\nFurther more, since that $1000 is treated like regular income, it may push you into a higher tax bracket.
1163551
Ha!  That's funny.\n\nIf you move in mid-year, you will still pay taxes in both states.  It will be prorated, but prorated on your income for the whole year, I believe.  So that wouldn't help you.\n\nThe only real solution would be to move for a whole year, I suspect, from January 1 all the way thru Dec. 31 of the same year, at least. Keeping your house and renting it out shouldn't be a problem, but if California catches wind that the move isn't 'real' (and who knows how they'd interpret that), they may come after you for tax fraud.  On the other hand, if you did move for real, then California wouldn't have any claim on your taxes any longer.  Since taxes on capital gains are not realized until the stock is sold, you should come out ok.\n\nIt wouldn't hurt to check that with a tax accountant in your proposed new state just to be sure, but I'm reasonably certain of it.
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Your company's 401k plan is a separate entity, apart from the company itself. Whether the new company will continue the plan is a question you need to ask your HR dept (or the new company's HR dept.). There is no requirement that they continue the old plan.\n\nYou should also check the plan's SPD - Summary Plan Description to see what it says.\n\nIn any case, the money would not revert back to the company.
66490
You should recieve a 1099G in the mail. Just like a W-2
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Check with your HR or Benefits department, but generally speaking you can not cash out your 401(k) unles you seperate from service first.  The only alternative is a loan, but that could become messy if you wind up leaving before you pay it back.\n\nIf somehow your plan allows early distributions prior to retirement or seperation of service, then the other answers are correct.  If you receive a check directly from the plan, then by law they have to withhold 20% for taxes.  The entire distribution will more than likely be taxable (if you have after tax contributions, then you pay no tax on those) and you will be subject to a 10% IRS penalty. \n\nIf you meet one of the qualifying distribution exceptions for IRAs (first time home purchase, medical expenses, college expenses, etc...) then if you roll your 401(k) into an IRA FIRST and then take a distribution you may be able to avoid the 10% penalty.  You also control the amount that is withheld, so you may be able to keep more of your money.  Again, this is usually only an option if you're over 59 1/2 or if you seperate from service i.e. quit or change jobs.  But you may be able to keep more of your money.  You can open a rollover IRA at any bank, find one that DOESN'T charge a fee for the account.
709782
If you rolled it into a new 401K or IRA account you don't need to do anything else, as you should not be taxed on anything.  If you withdre any funds however before the roll over, then you will need to report it on your tax return,
862892
There are employers who offer a relocation allocation if the person moves, but it is not always the case with every single job. However, in some circumstances, the federal government offers a tax credit in some circumstances of a move for a job, but you have to check with your accountant with it. Unfortunately, unless your friend gets specific about the one for college other than telling you there is one out there, I do not know of any.
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You can usually draw out up to 50% but you have to pay it back like a loan (monthly payments) to yourself with whatever interest rate your 401k has in place usually around 8-12%.\n whatever you draw out to keep before retirment age you will be hit with penalties.\n Get ahold of your 401k people for details on rates and withdrawl policies.
375
Just go to vanguard.com or any of the brokerage firms (Vanguard usually has the lowest fees), sign up for a rollover IRA account, and follow the directions they give you. It usually involves filling out a form and submitting that to whatever company is managing your old 401(k).
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You'll be subject to a 10% IRS penalty for early withdrawal from your qualified retirement plan, plus whatever penalties the provider of your plan has.\n\nSince interest on a mortgage is deductible, why not continue to carry the mortgage?  I advise against most other debt, but a mortgage, under the current tax laws, still makes sense for maximizing your dollars.\n\nGood question!
158046
You can move to another state just contact social security and give them a new address to send youre check to, give them 30 days notice.
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It really depends on your company's policy.  I asked a similar question to HR after my company was taken over.  She said the old company wouldn't do anything, but the new one might pursue.  The company might take your last paycheck to offset the dollar amount they have "lost."
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Sometimes there is a waiting period until you can get the company's matching portion.  When you reach it you are "vested" in the program, and can take what they contributed plus your contributions when you leave.  \n\nYou should put in all 15%.  It is a great deal.  When you leave that job or get fired or whatever you can move your 401K to a new job or just let it sit there.  When you change accounts that is called "rollover".  \n\nSome places let you choose how to invest the 401K money.  Like where I work we can put it in stock fund, small capitalization fund, international fund, etc.  If you are young and have a choice, just put it in the stock market.  That has a good record over history.  \n\nYes, there are fees but you probably cannot control them through the employer's 401K.  They are usually pretty low.  Someone is managing that money and they have to have a salary, too, to keep records and send you statements etc.  \n\nSome programs have loan programs where you can borrow from the 401K program.  If you quit the job before the loan is paid back, though, it is all due immediately.  Sometimes they require you to show proof of hardship or medical expenses or real estate purchases but sometimes not.  When you pay back the loan, there will be interest (but you're paying it to yourself).  You must consider that if you borrow from it that money won't be in the account growing and earning for you.  Bad idea to borrow from it.  \n\nI have typed enough.
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If the states you lived in deducted state taxes from your check, Yes.  When you file this year your tax preparer should know what to do.  I had to file for MI but the state I live in now doesn't have a state tax.  so next year I only have to file the feds.  The tax person has to get the forms for whatever state. You file 1 tax for those 2 states and your current state.  Just take your w 2"s.  Make sure you don't have to do City also.  MI (Detroit) has a city tax.
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Contact your former employers H.R. department.  They should be able to tell you who their 401k carrier is or was during your time of employment.