401k rollover
Hi Terry, my daughter just recently resigned from a company which had a 401k plan in place for her. Upon her resignation, they cashed out her 401k and sent her a check. Is there a way to roll that money into a new 401k plan or IRA without paying the taxes and penalties? Thanks in advance!
Terry Says
She has 60 days to open an IRA rollover account. (By the way, the company shouldn’t have sent her a check without her permission, but that’s another story.) Preferably she doesn’t cash that check but instead endorses it to a new IRA rollover account. Have her call Fidelity (800-FIDELITY) or Vanguard (800-VANGUARD) and they will easily set up a Rollover IRA account. Don’t delay!!
