IRA Rollover

Archive for December, 2005

Question: I left my old company on Aug. 31. I had a 401(k) and an outstanding loan.?

I want to do a direct rollover to an IRA. How long do I have to do this before there are tax consequences? Or can I stay with the old employer’s plan indefinitely? If so, what happens to the loan?Thanks.

Answer: The loan issue should have been addressed already. You should have had to pay it back by now. If not, there is a chance they liquidated part of your plan to pay for it and the distribution will be penalized and taxed as ordinary income.

You need real help (not Yahoo! Answers help) right away.

Get this taken care of so you get a nasty surprise at tax time.

good luck!

The Self Directed IRA-Part 1