Liquidating 401k


18-Feb-2020 09:16

Put simply, this means the distribution check from the retirement plan at your old company must be made out in the name of the trustee or custodian of the IRA account that you want to receive the rolled-over funds.Ask the bank or brokerage house that will function as the IRA trustee or custodian for specific written instructions on how the check should be made out.You may be better off withdrawing the shares and holding them in a taxable account instead of rolling them over into your IRA.

Most likely, it will be when you leave your current employer and take your 401(k) balance with you.Last but not least, if you die while still owning the shares, your heirs will get a basis step-up for all appreciation after the shares come out of your retirement account up to the date of death. In contrast, if you roll the shares over into an IRA, you or your heirs will eventually pay tax at ordinary income-tax rates on all these gains when withdrawals are made from the account.And there’s no break for your heirs if the stock is still in your IRA when you pass away.You cannot, for example, do what the poor guy in the court case did and use cash withdrawn from a retirement plan or IRA to buy stock and then attempt to roll over the shares.

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If you try this type of maneuver, the door is shut on any rollover and you’ll be taxed on the withdrawal.You will probably be told to fill out a form, which will include a place for you to give instructions on how the distribution check should be styled.



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