I am a relatively young employee looking initiate an "in-service" rollover my 401k balance with my current company into my personal IRA, for investment purposes. I have requested further information on how to do so from my plan administrator, and I received a response stating that the IRS(not the plan policy) would not allow me to rollover my contributed balance unless:
- I am 59.5+ (which I am not)
- I am sufferring a hardship (which I am not)
- Purchasing my first home (which I am not)
- I am terminated from my job (which I am not)
From what I've read, it seems like the IRS does not impose requirements on rollovers, contrary to what my plan administrator, who keeps directing me to the IRS "General Distribution Rules" page, url below. However, even that link only touches on rollovers and does not appear to be grouping them into the "general rule" category.
That said, I know the IRS rules are tricky so I wanted to come here to gain more insight/advice on my situation.
http://ift.tt/2yOu5vI
If you need any further details of my situation, I'd be glad to further clarify!
Thank you!
- I am 59.5+ (which I am not)
- I am sufferring a hardship (which I am not)
- Purchasing my first home (which I am not)
- I am terminated from my job (which I am not)
From what I've read, it seems like the IRS does not impose requirements on rollovers, contrary to what my plan administrator, who keeps directing me to the IRS "General Distribution Rules" page, url below. However, even that link only touches on rollovers and does not appear to be grouping them into the "general rule" category.
That said, I know the IRS rules are tricky so I wanted to come here to gain more insight/advice on my situation.
http://ift.tt/2yOu5vI
If you need any further details of my situation, I'd be glad to further clarify!
Thank you!
Federal Taxes: IRS Requirements for 401k In-Service Rollover
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