 Need financial advice |
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 Aug 9 2007, 11:39 AM
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Nothing says 'I love you.' like a box of Hydroshoks  Group: Moderators Posts: 5,284 Joined: 23-December 03 From: Granbury, TX Member No.: 4  |
I don't understand all I know about legalized money laundering, AKA rolling a 401K.
Backstory ... I have been contributing to a 401K and receiveing a company match in stock at 60% for a while now ... maybe 20 years. My comapny is being bought and taken private. As I understand it, if the buyout is approved by the shareholders, my stock will be cashed out at the approved price and I will be issued a check. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/blink.gif) Taxes will be withheld (IMG:http://www.frrax.com/rrforum/style_emoticons/default/mad.gif) Help needed ... If I roll it into another approved option within the specified time frame, I can recoup the taxes next return. I understand that. But I want to avoid the tax thing altogether. I want to maintain that 28% of the fund in my retirement and continue it growing. I need some coaching on doing this as I don't understand all I know about it and time to educate myself is running out. Making a mistake or misunderstanding a small detail could have big financial ramifications. |
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Aug 9 2007, 12:39 PM
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#2
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Veteran Member Group: Advanced Members Posts: 3,931 Joined: 3-July 04 From: Pearland, Texas Member No.: 385 |
Ask around locally. They are out there. Make sure they are certified, although that doesn't guarantee anything. We found a good one locally to us, Texas Wealth Management. Unfortunately, they have been so successful, I don't think they are taking any new clients right now.
Do you have a CPA to do your taxes? Ask him/her. That is how we found our planner. If not, ask friends who have CPAs for their taxes. Most CPAs know financial planners (or are themselves), because they are usually asked that question almost on a daily basis. We were in the same boat, getting a nice lump sum stock conversion when the company I worked for was bought by sprint. Getting a financial planner was the best thing we did (beside killing a lot of debt). |
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Aug 9 2007, 01:11 PM
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#3
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Veteran Member Group: Member Posts: 2,688 Joined: 23-December 03 From: Ft Worth, TX Member No.: 8 |
QUOTE (CrashTestDummy @ Aug 9 2007, 07:39 AM)  ...... when the company I worked for was bought by sprint. and who was that? i was Nextel up to a couple years ago. now my work life sucks ass thanks to Sprint. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/nutkick.gif) |
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Posts in this topic
mitchntx Need financial advice Aug 9 2007, 11:39 AM
Spooner QUOTE (mitchntx @ Aug 9 2007, 05:39 AM) I... Aug 9 2007, 11:49 AM mitchntx I appreciate your input. And have thought about th... Aug 9 2007, 12:08 PM
CrashTestDummy QUOTE (Glenn98ZM6 @ Aug 9 2007, 08:11 AM)... Aug 9 2007, 06:03 PM LT4Firehawk QUOTE (CrashTestDummy @ Aug 9 2007, 01:03... Aug 9 2007, 08:13 PM Glenn98ZM6 QUOTE (LT4Firehawk @ Aug 9 2007, 03:13 PM... Aug 9 2007, 10:09 PM mitchntx Thanks, Gene. I have been asking around and sent a... Aug 9 2007, 01:04 PM mitchntx Or I could sponsor a race car ... who should I pic... Aug 9 2007, 01:17 PM AllZWay I was going to say that you should have the option... Aug 9 2007, 01:34 PM z28tt Will the new "company" have a 401k? As l... Aug 9 2007, 02:17 PM Blainefab I think others have covered it well, but ya, there... Aug 9 2007, 02:44 PM mitchntx QUOTE (Blainefab @ Aug 9 2007, 09:44 AM) ... Aug 9 2007, 02:45 PM CMC #37 A good tax person is worth their weight in gold... Aug 9 2007, 04:12 PM CrashTestDummy QUOTE (CMC #37 @ Aug 9 2007, 11:12 AM) A ... Aug 9 2007, 05:57 PM CrashTestDummy If you can roll it over to an IRA, there is a way ... Aug 9 2007, 05:59 PM GR33N GoblinM6 call Fidelity.. they are #1 in the 401k market.. i... Aug 9 2007, 06:12 PM mitchntx Thanks everyone. Getting a lot of great info ... Aug 9 2007, 06:45 PM jeffburch I have Chris Lyons' number.
jb Aug 9 2007, 10:24 PM mitchntx QUOTE (jeffburch @ Aug 9 2007, 05:24 PM) ... Aug 10 2007, 01:12 AM KeithO I just went through my 4th buyout in 12 years. I ... Aug 10 2007, 09:38 AM |
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