If you have a 401k but you leave the company then roll it over and start managing the account yourself, do you still get the tax benefits of the original 401k account?

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Posted by Kelby Spring (MONEY FORUMS: 2, Answers: 0)
Asked on March 1, 2016 4:13 pm
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Yes, as long as you do it as an IRA Rollover. If you just cash it out you will pay back taxes plus a 10% penalty. Rolling a 401k into an IRA is common and not very complicated. Usually the company managing the destination account can handle the paperwork – you just need to authorize it.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: March 8, 2016 5:49 pm