Here's a question to the tax savvy:
I quit my other job at 52 years old, and have a 401K balance there of about $400K. I'm planning to roll it over to my new 401K in my new job I started this January.
My question is: If I quit my new job after the age of 55 years old, will I be able to withdraw any amount of that $400K rollover without paying the 10% penalty ?
I understand that once you quite your job after the age of 55 years old, you do not pay the 10% penalty for 401Ks (but not for IRAs). Does that apply to the 401k rollover portion from previous jobs as well
Thanks in advance.
I quit my other job at 52 years old, and have a 401K balance there of about $400K. I'm planning to roll it over to my new 401K in my new job I started this January.
My question is: If I quit my new job after the age of 55 years old, will I be able to withdraw any amount of that $400K rollover without paying the 10% penalty ?
I understand that once you quite your job after the age of 55 years old, you do not pay the 10% penalty for 401Ks (but not for IRAs). Does that apply to the 401k rollover portion from previous jobs as well
Thanks in advance.