Right, the first company should not be mailing you a check personally. The money should go directly from them to the new IRA.
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flea - Oct 30, 2018 6:37:00 am PDT #1365 of 1416
information libertarian
Steph L. - Oct 30, 2018 6:45:26 am PDT #1366 of 1416
the hardest to learn / was the least complicated
Right, the first company should not be mailing you a check personally. The money should go directly from them to the new IRA.
I did know that much about rolling over an old IRA. (Though that is just about the limit of my knowledge about stuff like this.)
Jesse - Oct 30, 2018 8:15:22 am PDT #1367 of 1416
Sometimes I trip on how happy we could be.
I actually think in at least one case, they did mail me the check, maybe made out to the new company? At any rate, I had to get it in the mail at my house and carry it over to the new company, which seemed ridiculous.
EpicTangent - Oct 30, 2018 8:30:23 am PDT #1368 of 1416
Why isn't everyone pelting me with JOY, dammit? - Zenkitty
When I rolled over a 401K, that's how it worked. They sent me a check for 5 figures that made me extremely nervous to have in my custody, that I then sent to the new company (actually the same company, IIRC, they just couldn't transfer directly for some reason. It was dumb).
Vortex - Oct 30, 2018 7:27:32 pm PDT #1369 of 1416
"Cry havoc and let slip the boobs of war!" -- Miracleman
When you identify the new company for the IRA, they will be very helpful, because they want your money in their accounts. Your old company will likely not be helpful, as they also want your money in their accounts. I still have some money in TIAA CREF, which I could contribute to because I worked at a university. The money is still mine, but I can't grow it because I no longer work at an educational institution. They have not been helpful about getting it out. I was so annoyed, I put it aside. I should get back to that.
megan walker - Oct 31, 2018 8:38:17 am PDT #1370 of 1416
"What kind of magical sunshine and lollipop world do you live in? Because you need to be medicated."-SFist
Steph, even if they send you the check directly, as others have said, you should be able to do what is called an "indirect rollover" yourself. I think it just has to be redeposited somewhere else within 60 days. You have to report it and you'll get a 1099 from the original $$ holder, but there wouldn't be taxes to pay. If you choose a good mutual fund place (Vanguard, Fidelity) as a destination for the IRA, they can be very helpful with this sort of thing. I had 3 different defunct 401K plans at one point that I just all rolled into in one IRA at Vanguard. They've been great over the years. It's where my initial 401K from when I worked in investment consulting was, and we just profiled their founder in the Business Ethics book I edited, which I think tells you all you need to know re their investment trustworthiness.
Ugh, ND, that is the worst. I hope everything worked out. I'm glad I have no one that depends on me because, here I am, struggling to come up with cash for November rent even though I have 3x my rent due to me by a client I can't bill yet because of a contract snafu. I keep thinking I've solved the cash flow thing and yet...
NoiseDesign - Oct 31, 2018 11:53:52 am PDT #1371 of 1416
Our wings are not tired
Things are slowing working through the system right now and I'm getting some payments coming it. Yeah, it's just a lot when I have a few dozen people depending on me to get this right. At the core of it I'm just a guy with a couple of theatre degrees.
-t - Oct 31, 2018 1:05:12 pm PDT #1372 of 1416
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
Would a revolving credit line help? We (the corporation I work for) have a factor that pays us up front and then collects from our customers after 90 days or whatever - is there maybe a small business version of that?
NoiseDesign - Oct 31, 2018 4:14:16 pm PDT #1373 of 1416
Our wings are not tired
I do have a business line of credit, and yes, it does help, just not always, and cash flow inevitably hits when the LoC doesn't have room on it.
-t - Oct 31, 2018 6:18:14 pm PDT #1374 of 1416
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
Ah, that's too bad.