Dunno what happened to JimG but me thinks he got up on the wrong side of the bed this morning. OK...for the record...I am not a financial planner. I am a CPA in private practice these 25 years. Randy has a good handle on it. Let's be sure first of all that you are rolling it over into an existing IRA and not a brokerage account. Given that you are doing this, then the best way to handle it is a fiduciary to fiduciary transfer. That is, have the broker for the 401K send it directly to Ameriprise into your account there. If they write you a check you have to deposit the check within 60 days. If you elect to receive the check there is 20% federal withholding on the check. When you deposit the check you may have to make up the 20% out of your own pocket unless you want to pay tax (and possibly a penalty depending on circumstances) on the tax withheld. This can get fairly confusing. I would recommend strongly that you have the 401K folks do a direct transfer. They must do this. One of the criteria for being a "qualified plan" in the eyes of the IRS is that you offer this option. If you need more info, just let me know. Post here or e-mail me. Pretty sure e-mail is open in my profile thru modern view. If not, let me know. HTH
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Today's Featured Article - Talk of the Town: How to Remove a Broken Bolt - by Staff. Another neat discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: "I have an aluminum steering gear housing with a bolt broken off in it. The bolt is about a 3/8" x 1 1/2" bolt. I've already drilled the center of the bolt out with about 7/64" drill bit the entire length of the bolt. Only one end of the bolt is visible. I tried to use an easy out but it wasn't budging and I didn't want t
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