If you had a 401k on a job where you are no longer employed what happens to the 401k?
474413
It stays there until you move it.  You can roll it over to another 401k or IRA or withdraw it with tax consequences.
140371
On your 1099R the taxable amount is the amount you withdrew from your 401k or your IRA.
1035351
it would depend on how many employees you have. what your payroll is. and whether or not you have ever had any claims. it is different in each case.
1149314
If you do you will incur penalties for early withdrawal!! You must contact the company you have your 401k to arrange it. If you do not know ask your employer
125409
If you are still employed by the plan sponsor your withdrawal options may be limited. Read the plan summary you should have received or talk to your HR person. You might be able to take a loan from your account, but it must be repaid within 5 years.\n\nIf the 401k is from a previous employer, then your options are greater. You can roll the account over into a Traditional IRA. This transaction does not trigger any taxation. \nIf you are over 59.5 years old, you can withdraw money from the account. Any amount withdrawn will be taxable to you as income.\nIf you are not over 59.5 and you withdraw money not only will you pay taxes on the amount you withdraw but you will also pay a penalty of 10% of the withdrawn amount.\n\nIf you do not need the money to cover basic living expenses right now, do yourself a favor and roll the money over into an IRA. Work with a financial planner in your area if you would like help deciding upon an appropriate investment strategy.
280745
yes... without a just cause. If you quit and don't return something, they can keep your paycheck until you bring it back.
860338
401k money is meant for retirement, so unless you're rolling into another retirement account (i.e. IRA), then you will get penalized.  You might want to consider borrowing against your 401k, but there would be implications if you quit your job as most repayment for the loans from 401k accounts are automatically deducted from your paycheck.
77850
You can borrow against your 401K.
904936
If you are tax exempt, what are you going to write it off of?
894275
Hello,\n\nIf an employer no longer needs you to do your job and cannot find your an agreeable alternative job in the company, then they give you redundancy pay.\n\nBasically, they pay you to leave your job.\n\nThanks
393236
It depends.  Do you have a Roth IRA?  You can use that money without a tax penalty.  A regular 401K through an employer will have some penalties usually.
267663
I have been made redundant in my position it means that your position is no longer going to be there, that means they can not hire any one else to do that particular job you were doing, if they do you can take them through legal proceedings and get some cash. If they do not hire any one and what they say is true you should get a payout some sort of severance pay. If you really want to find out the truth try calling WORK COVER their number is in the phone book, just speak to someone there and they will be able to point you in the right direction.
100700
yes you still have to pay taxes. Just not on the money you put into the 401k.  Also if i were you id put as much as your employor matches then put the rest in to a roth ira if your younger especially
1016477
Okay, you want to take some $ out & roll over the rest, right?  You get 60 days to roll over your 401K into an IRA or other employer (if your new employer allows this).  So you could partially withdraw what you need for bill to yourself & roll over the rest.  Early withdraw penalties are pretty stiff 10% penalty on $ taken out PLUS it is reported as regular income, keep that in mind.\n\nIf the former employer doesn't allow partial withdraws, then you could take the lump sum payable to you.  They will immediately penalize the 10% PLUS withhold around an additional 20% (~ 30% total) for anticipated taxes.  The only good news for this option: you should get a refund (if all else stays the same) because too much was withheld, IF you put back ALL the $ you withdrew from the 401K within the 60 days into the new IRA or new employer-sponsored plan.  Downside to this: you'll need to have $ laying around to make up the difference that was originally withheld from the old employer to fund the new IRA.\n\nThe less painful way is to do a partial withdraw if the old employer will allow this.  You can also leave the old employer $ with them if they (old employer plan sponsor/administrator) allow this.\n\nHope this helps.
754046
If you lose you will not collect.  Also will depend on why this is your "former" employer.  It will probably take place over the phone.
808301
If you scr.w yourself by taking and closing ( to your hands) the 401k .you lose up to 40% of your money before you touch it. Then it can and will be Garnished for the full amount you owe. Can you say ZERO cash?\nLeave the 401k alone until you can open an IRA and directly rollover to it. NEVER touch the money - You lose. BIG Time lol
362002
You need to choose a custodian for your IRA, and request the employer to have the lump sum transferred to that custodian.  This will take some planning, filling out forms, etc. Check with HR, and of course with other recent retirees.\n\nIf you plan to retire 2 years or so in the future, just file the info away for future reference.  But a layoff could hit sooner, so it's good to be prepared!