401K In-Service Withdrawal Into An IRA Rollover?

In 2006, I took a pre-approved In-Service withdrawal from my 401K in the amount of $28,000 and it was directly deposited into a Rollover IRA within 2 days. This allowed me greater flexibility with investment choices. What, if any, are the tax consequences? (Yes, I am asking after the fact!) Thank you in advance!

As long as you did not get your hands on the disbursement in any way, there are no tax consequences. It sounds like the rollover was done properly so you can sleep easily.

totally depends on what the reason for your distribution was. Sounds like your plan allows for in-service withdrawals after age 59 1/2. If that's the case then you're good to go so long as the entire balance was rolled over.

However, if you took a hardship to get at the funds to get more flexibility...that wasn't eligible to be rolled over. Then you're looking at an ineligible rollover, 10% extra tax and taxable event. Not likely the latter but some people do some crazy things.

Tags

　　Investor 　　Investment Fund 　　Investment Trading 　　Investment Strategy 　　Investment Services 　　Investment Portfolio 　　Investment Plan 　　Investment Performance 　　Investment Options

Related information

Is levy of Service Tax on Owners of Rentted Commercial Buildings justified? is not Service,is righttransfer?

No doubt rent is not a service which falls under service tax but what can we do when govt. feels to recover huge taxes we are at their womb and to collect from the tenants and pay the same to the g...

What are all the benefits of purchasing turbo tax?

It walks you through the process with mini interviews. If you are doing your own taxes, this is an excellent way to go.

...

Could this be part of the reason why purchasing homes is down?

No, it has NOTHING to do with it.

...

I want info about the scope, growth, sector size & future prospects about the Indian funeral service industry?

People normally avoid talking of this segment and look down at the person thinking or discussing potentials in this sector. Anyway, the sector is mostly controlled by traditional religious group...

At least $200 a day....?

Oh come on you had to know what most would say ... or is it only me who would say that? OK I have to post this answer to see if I am the only one who would say "prostitution" if your good...

At least $200...?

I dont know about products, flipping, or investments but a career that would create $200.00 a day is practical. I know several people cleaning up more than $200.00 a day in the mobile car detailing...

I'm looking for an investor !!!!?

The best place for you would be a bank. If you would take money from an investor then you have to share the profits till your business lasts. You need to be in-control of your business and once you...

How I can patent (or protect) an idea of a unique website?

In theory, you can get a patent for a method of doing the service. Amazon has patents on "one click" shopping for example. Additionally, you can get patents around the world in each i...