401k question

[Aamphat]

okavel layoff aithey and 401k lo 100k unte danini traditional ira ki rollover chesi mottam amount distribution teskunte penalty 10% cut ayyi 90k vasthadi and next year taxes file chesinappudu 90k meedha taxes kattali aa or distributionteskunnappude tax padtunda?

[yemdoing]

6 minutes ago, Aamphat said:

okavel layoff aithey and 401k lo 100k unte danini traditional ira ki rollover chesi mottam amount distribution teskunte penalty 10% cut ayyi 90k vasthadi and next year taxes file chesinappudu 90k meedha taxes kattali aa or distributionteskunnappude tax padtunda?

Is it necessary to rollover to IRA ? Can we not leave 401kin it’s original account ?  Or move to new company 401k account ?

[FrustratedVuncle]

Just now, yemdoing said:

Is it necessary to rollover to IRA ? Can we not leave 401kin it’s original account ?  Or move to new company 401k account ?

not necessary. can leave it as it is or move to new company 401k depends on the fees they charge.

[babu_bangaram]

8 minutes ago, Aamphat said:

okavel layoff aithey and 401k lo 100k unte danini traditional ira ki rollover chesi mottam amount distribution teskunte penalty 10% cut ayyi 90k vasthadi and next year taxes file chesinappudu 90k meedha taxes kattali aa or distributionteskunnappude tax padtunda?

Nope ... No tax cut ... all 100K will be moved if you do Rollover IRA 
yes if you do Traditional

 

[anandam2012]

1 minute ago, yemdoing said:

Is it necessary to rollover to IRA ? Can we not leave 401kin it’s original account ?  Or move to new company 401k account ?

you will have more control over your funds if you rollover to IRA...you can purchase individual stocks, ETFs whereas in 401K you must have to invest in company provided options. 

[Pahelwan2]

1 hour ago, yemdoing said:

Is it necessary to rollover to IRA ? Can we not leave 401kin it’s original account ?  Or move to new company 401k account ?

You can keep in the same account but you have to pay for the maintenance 

[sarvayogi]

isnt RollOver IRA has some limit...Or is it the process of converting traditional IRA to Roth IRA as 6500 is 2023 limit. How can we transfer 100k

[hunkyfunky2]

2 hours ago, Aamphat said:

okavel layoff aithey and 401k lo 100k unte danini traditional ira ki rollover chesi mottam amount distribution teskunte penalty 10% cut ayyi 90k vasthadi and next year taxes file chesinappudu 90k meedha taxes kattali aa or distributionteskunnappude tax padtunda?

Yes, any withdrawal will be tax liable.

You are better of keeping it in there or roll over to new 401k or IRA.... 

[Konebhar6]

6 hours ago, Aamphat said:

okavel layoff aithey and 401k lo 100k unte danini traditional ira ki rollover chesi mottam amount distribution teskunte penalty 10% cut ayyi 90k vasthadi and next year taxes file chesinappudu 90k meedha taxes kattali aa or distributionteskunnappude tax padtunda?

You can rollover to Traditional IRA 100%. You can choose your vendor. Look at Robinhood as an option. He is matching 1% of IRA money if you move to that platform. 

Read this for more information.

https://www.investopedia.com/articles/retirement/08/convert-401k-roth.asp#:~:text=If you're taking a,govern your new company's plan.