Deposit 401(k) check to new account

New / Eng Tc270Nw150
Jun 12 17 Comments

I received the check from my previous employers's 401(k). Now I need to deposit it to my Fidelity account. Is this deposit transaction equivalent of buying stocks with cash? Meaning that I'd better deposit it when the market is low?

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TOP 17 Comments
  • PayPal x ploy ted
    I believe you have a limited time window to move it to another qualified account. Like 60 days? Too lazy to look it up.
    Jun 12 0
  • Amazon TRuc81
    Can you not deposit the money and choose when to purchase ?
    Jun 12 0
  • AppDynamics hxAf67
    You’ll have to pay tax now on it rather than keeping it as a pretax asset if you miss the window to move it to a new provider
    Jun 12 3
    • New / Eng Tc270Nw150
      OP
      On the check it writes void after 90 days, so I assume that's the time I have before having to pay for taxes.
      Jun 12
    • AppDynamics hxAf67
      No. Per IRS.gov you have 60 days.
      Jun 12
    • Sprint Chickenlip
      The 90 days is just a standard banking note/activity time period. The paper is only valid for 90 days. They're right, 60 days or you're taxed.
      Jun 12
  • Facebook lqzD35
    Depositing the check to account wont automatically get you any stock, once money is in your IRA account you will have to decide what plan/stock you want it to be invested.
    Jun 12 2
    • New / Eng Tc270Nw150
      OP
      Oh I thought it's like monthly contributions that buys the stocks automatically.
      Jun 12
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      No. It isn’t.
      Jun 12
  • Amazon / IT
    cakes

    Amazon IT

    PRE
    Symantec
    cakesmore
    you can deposit as a cash and purchase stocks when you want
    Jun 12 1
    • Amazon / IT
      cakes

      Amazon IT

      PRE
      Symantec
      cakesmore
      Used to chime where once send you are done
      Jun 12
  • This comment was deleted by original commenter.

    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      Or just hit the ellipsis and edit your reply.
      Jun 12
  • You should be in contact with fidelity. They will make sure you don’t fuck things up and get taxed stupidly.
    Jun 12 0
  • Netflix mr.clippy
    Just deposit it yo! This ain’t the stock market. You won’t touch this money until retirement anyways.

    And the clock is ticking before you’re taxed for the withdrawal. Best not to wait.
    Jun 12 0
  • Roku
    nutcra

    Roku

    PRE
    Yahoo
    nutcramore
    The money goes to a money market fund, something like a saving account, it also pays you little interest. You can use that fund to buy any stock/financial instrument.
    Jun 12 0
  • Verizon Media / Mgmt monolith
    Besides the 60 days you have before you get penalized and taxed, time in the market beats timing the market.
    Jun 12 0
  • LinkedIn YwYc83
    Assuming you are doing a transfer of 401k it is called rollover ira. You essentially create a rollover ira account with fidelity and deposit that check into the new rollover ira account. Once the check is deposited you then decide what to buy with that money.
    Jun 12 0

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