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Cooger | My stepmom has some money inside a IRA at her old job, and she wants to put the money somewhere new, but...... |
But the company said they'll be able to write her a check but we have to take 30% What gives, can they do this, It her money.... Should she get a lawyer...? |
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mickeyr813
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she should be able to go to a financial advisor who would sent paperwork to the old job and the mondy can be rolled into another acct (IRA) at no charge. she would only receive the penalty if she had the money sent directly to her. |
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Frankie G
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She's not asking for the right thing, and her company isn't being helpful.
What you're looking for is a Rollover IRA. Talk to your mom's company (or better yet, the company that manages the plan), and ask how to initiate a rollover. |
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smcgilli
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As already stated, she needs to 'roll over' the money into an IRA as opposed to 'withdrawing' the money. A withdrawal would be a taxable event requieing a witholding.
p.s. I think it must now be in a 401K, not an IRA. |
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luckyzimmy
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The 30% is actually 20% - it is required by the IRS if you do not intend to roll the account over to another IRA. You can avoid it by using a transfer to another IRA. You can email me if you would like more info. The reason is that money in the IRA has not been taxed, and the IRS wants their tax money now if you decide to spend the money now. |
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lucee
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If she rolls the money over into another IRA, they can't withhold a fee, but if she just draws the money out, they can take a 10% fee. I never heard of 30%, that's too much, but 10% is normal. If she is a member of a credit union at her new job, she can talk to them about it. Or call Charles Schwab for help. She can get free advice by calling 1-866-232-9890. She should do that before she lets someone take 30% of her money away from her! |
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oldcorps1947
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Federal law requires the fund manager to without 20-30% for early withdrawal. However, if it is a rollover of the entire amount she can avoid this. She just has to provide information on where she will be rolling the funds into another IRA. Also, beware that there are additional tax penalties that will appear on her income taxes for early withdrawal. These can be avoided if they are for buying a home, pay medical, and a few others--must have documents to support this. |
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Sparkles
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That is called a penalty of withdrawl. There is nothing a lawyer can do. An IRA is a tax shelter. When the money is withdrawn, the IRS takes a percentage of the money to pay the taxes. |
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csucdartgirl
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She wants to rollover (this means switch over the carrier) not cash out. The company cannot force her to cashout.
The company that carries the IRA will right a check and she must put it with a new company within 2 months or she'll get a penalty. |
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Barkley Hound
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An IRA is not at a job. A 401k is at a job. An IRA is held at a bank or other financial institution and has nothing to do with your job. To transfer from one IRA to another you must let the bank handle it for you. If you take the money there is a early withdrawal penalty, an IRS 10% penalty, and all the tax is due.
I have no idea of what the 30% is unless she is closing a 401k and receiving a check. Have the bank handle it for her. |
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hottotrot1_usa
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Are you talking about a 401k plan, or a retirement plan? I don't think IRA is the right term. Sounds like an attorney may help. An IRA is usually an individual thing, not company sponsored. Was it a pension plan with vesting? Maybe she didn't work at the company long enough to be completely vested. |
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Bear
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That doesn't sound legal. She should get a lawyer. She can talk to some financial advisor about rolling it into something new. You can go to your bank and see if they can help her roll it over.
But I don't think it's legal for her employer to take 30% of your mom's hard earned money. |
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