How Do You Roll Over A 401(K) To A Bank IRA?
Employers offer 401k plans to their employees, but many employees choose to move their 401k plans after leaving the company. You may want to roll over your 401k plan to an IRA at a bank in order to take advantage of different investment options or to consolidate your retirement funds. When you roll over funds from your 401k plan to a traditional IRA, you do not incur any additional tax liability, and the tax-deferred status of your retirement funds remains intact. Request a distribution from your 401k plan by completing a 401k plan withdrawal form, available from your 401k plan administrator. Once you have submitted the withdrawal form, you will receive 80 percent of the requested amount because 20 percent will be withheld for income taxes that you would owe if you did not complete the rollover. This amount will be refunded when you file your federal income taxes (see step 5). Put the entire amount requested on your withdrawal into a bank IRA within 60 days to complete the rollover. If
