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What to Do With Your 401(k) When You Quit | Raleigh News
What to do with your 401(k) when you quit a job? You’ve got smart options: roll it into an IRA for more control, transfer it to your new employer’s plan if allowed, leave it with your old company if it’s a solid deal (and your balance is over $7K), or—big caution—withdraw it all, which could trigger heavy taxes and penalties unless you’re over 59½ or qualify for exceptions. And if your 401(k) holds company stock, consider the NUA strategy: take the stock out separately to pay tax only on its original cost, then sell later at lower capital gains rates. It’s complex, but could save you serious…
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