Dunno what happened to JimG but me thinks he got up on the wrong side of the bed this morning. OK...for the record...I am not a financial planner. I am a CPA in private practice these 25 years. Randy has a good handle on it. Let's be sure first of all that you are rolling it over into an existing IRA and not a brokerage account. Given that you are doing this, then the best way to handle it is a fiduciary to fiduciary transfer. That is, have the broker for the 401K send it directly to Ameriprise into your account there. If they write you a check you have to deposit the check within 60 days. If you elect to receive the check there is 20% federal withholding on the check. When you deposit the check you may have to make up the 20% out of your own pocket unless you want to pay tax (and possibly a penalty depending on circumstances) on the tax withheld. This can get fairly confusing. I would recommend strongly that you have the 401K folks do a direct transfer. They must do this. One of the criteria for being a "qualified plan" in the eyes of the IRS is that you offer this option. If you need more info, just let me know. Post here or e-mail me. Pretty sure e-mail is open in my profile thru modern view. If not, let me know. HTH
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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