A question by Anonymous : My new job doesn’t offer a 401k plan. My old job sent the money saved in a 401k plan back to me. I only have 400 dollars. That is with tax. Should I get an IRA or just take it??
Answers
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“At this point, it’s $400. There is no reason to get an IRA, you have already paid tax and penalties on it — there is no way for that to be reversed now.”
A Hunch
“You can have it rolled over into an IRA.”
“You have I think 30 days to put it into an IRA or you’ll pay a 10% penalty.”
“Roll it over into an IRA while there is still time. If you just take it, then in addition to the full amount of tax (which may be more than they calculated), you also pay a 10% penalty in most cases.”
StephenWeinstein
“I’d put it in an ira if you can to avoid owing taxes. “
“Shift it into an IRA.”