 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, 04:12 PM
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CMCer Group: Moderators Posts: 2,932 Joined: 12-February 04 From: the sticks near VIR Member No.: 194 |
A good tax person is worth their weight in gold! If you want to hang on to your $ you'll get one and keep working with this person as long as possible, going over your financial situation annually at minimum. They are not always CPAs or FPs but they usually are. Get references. Keeping on top of tax code is a full time job. Then there's knowing what to do with that information once you get it......
sign me- daughter of a good tax man! |
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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 Ask around locally. They are out there. Make sur... Aug 9 2007, 12:39 PM
Glenn98ZM6 QUOTE (CrashTestDummy @ Aug 9 2007, 07:39... Aug 9 2007, 01:11 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 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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