How Can We Help?
< Back
You are here:
Print

Start new plan

Posted
Last Updated On
ByCoal miner

L1: Start new planwant to start new plan will be laid off by first of year I am 55 birthday 8/2/60 have about 410,000 in my 401 want to start 1/12/16 any help would be very thankful2015-09-05 12:22, By: Coal miner, IP: [74.171.223.205]
L2: Start new planCheck with the 401-K plan administrator to see if the plan allows partial withdrawals upon termination of service. If the plan allows it, DO NOT ROLLOVER YOUR 401-K TO AN IRA because the tax code permits you to avoid the 10% penalty for early distributions before 59 1/2 from 401-K plans which allow them. ou would not have any reason to set up a SEPP 72-T plan if your 401-K allows you to remain in their plan, and to take withdrawals.2015-09-05 13:42, By: dlzallestaxes, IP: [98.114.199.232]

L3: Start new planmy plan does not allow partial withdrawals2015-09-05 16:33, By: coal miner, IP: [74.171.223.205]

L4: Start new planDoes your plan have appreciated stock of your employer company ? Most employers made their matching contributions in shares of their stock, or employees bought shares for their plans. Also, ask HR, and look elsewhere on this website.
If so, look into NUA (NET UNREALIZED APPRECIATION) provision in the tax code (or in J.K. Lasser Your Income Tax) to save a lot of taxes, and give you great flexibility without a SEPP 72-T and its 5-year restriction.2015-09-05 17:07, By: dlzallestaxes, IP: [98.114.199.232]

L5: Start new planNo plan has no stock I got 60 days to pull it out2015-09-30 16:34, By: 1021, IP: [74.171.223.205]

L6: Start new planIf there were significant shares with significant gains, and the company did not advise you about the NUA provisions of the tax code, I would meet with an attorney ASAP to see if you have a cause of action. I believe that employers are required to inform employees about this provision, and give them the applicable figures in order to be able to make an informed decision. You may have been misinformed when they gave you “60 days to pull the shares out” if they did not explain that they meant to TRANSFER the SHARES, not to sell the shares.2015-09-30 20:42, By: dlzallestaxes, IP: [98.114.199.232]

Table of Contents