401k rollover to ira immediately

Discussion in 'Introductions' started by Lisa canto, Apr 1, 2018.

  1. Lisa canto

    Lisa canto

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    Left job 6 years ago. Have 70k in 401k. Would like to rollover to ira then take money out asap.I know about 10% penalty and taxes. Or do I Have to keep it in for a certain amount of years?
     
    Lisa canto, Apr 1, 2018
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  2. Lisa canto

    Drmdcpa VIP Member

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    You can do a direct or indirect rollover.

    If you choose indirect, 401k will want to withhold taxes. You have 60 days to put into an IRA any amount you do not want taxed and penalized. You can only do indirect once every 12 months.

    If you do a direct, you can immediately take out any amount on which you want to pay tax and penalty.
     
    Drmdcpa, Apr 1, 2018
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