I lost my job and rolled over my 401k, I now want to cancel my certificate and receive its value what do I do?

Question

I lost my job and rolled over my 401k, I now want to cancel my certificate and receive its value what do I do?

Answer 1

Since you mention certificate, I will assume that you rolled over your 401K into a bank certificate of deposit.  This cannot be undone, however you can still get your money out by paying an early withdrawal penalty.  The reason there is a penalty, is due to the fact that you agreed to invest your money for a specific time-frame, and now you want to undo this transaction.

Contact the bank or institution that you deposited the funds to, and inquire about withdrawal of the funds.  They will instruct you what you need to do, and inform you of any penalty to withdrawal the funds.

In addition to an early withdrawal penalty, you will be forced by the IRS to pay a 10% penalty through taxes, provided you are under the age of 59 1/2.  If you are 59 1/2 or older, this 10% penalty will not apply.  In addition, since your the funds you rolled from your 401K were most likely "pre-tax", you will pay ordinary income taxes on the amount you withdrawal.

HINT:  Have the institution withhold the taxes, so you don't find yourself without the money when it comes tax time and time to pay the IRS.

Answer 2

call the company that carries your 401K, they will tell you what to do from there and let you know what the taxes or penalties are for taking it out early

Answer 3

If you rolled your company stock over to the IRA "In Kind" using Stock Certs, then all you should have to do is call the financial institution holding your IRA and tell them you want to cash in the stock certs.

If you actually have the certificates in your hand, then just call around to Investment companies or financial institutions and see who will cash them in for you. Most places charge a small fee for doing this.

Answer 4

Call the company that services your 401k (mine is Fidelity), if you dont know what company it is, ask ur HR department. You call the company and let them know you want to take out the funds you put in. Please know that they will tax you on the money you take out. This is why its better to roll it over to your next employer since the money is rolled over tax free.

Answer 5

Rolled over your 401(k) into what?  What "certificate" are you talking about?

Answer 6

401k?  You sure you're not copying that from the movie Live Free or Die Hard, cuz that's EXACTLy how much he lost in that movie to the thug... great job for looking like a dimwit though.

Answer 7

i don't have an answer coz i have no idea what ur talking about coz im 14(sorry!!) but im so so so so sorry that you lost your job, that is absolutely horrible. I really hope you find another job that you are happy with and you don't get into financial trouble =]]