Anonymous
Anonymous asked in Politics & GovernmentLaw & Ethics · 1 month ago

Fired, what to do with 401k?

I was fired. I had about $1500 in my 401k and started it in February 2019.

What happens to it? Does the company I was fired from take anything from it? Or is it all mine? They did have a matching thing but I’m not sure what that really did. 

I know I’ll have to pay some penalties, fees, and other stuff. 

I live in California and I only made 14,000 a year (according to them) 

How much will I be taxed/charged for this? 

Update:

This was also not rolled into an IRA, by the time I had the company on the line, the account had $0 balance. Which is why I asked what kind of penalty is there 

7 Answers

Relevance
  • 1 month ago

    hahaha your another sucker who got the 401 k crap... STOP trying to get something for free... YOUR PENALTIES etc. are going to hurt you plus you still got to pay taxes... FORGET about the 401 k crap and stick with social security and your regular taxes... 

    SO MANY people have lost their assses because of so called COST INVOLVED WITH A MAINT COST... IT ACTUALLY COST THEM NOTHING but they they charge you a SO CALLED MAINTENANCE FEE... THAT IS REDICULAS of MONEY THEY NEVER EVEN TOUCH OR SEE... 

    • Login to reply the answers
  • Anonymous
    1 month ago

    Your 401k is yours.  They can't take anything out of it any easier than they can take money back from your bank account.  

    • Login to reply the answers
  • 1 month ago

    It is all yours.

    • Login to reply the answers
  • In
    Lv 7
    1 month ago

    The money that you contributed to the 401K is yours, but any employer contributions are not necessarily vested until after 5 years.  Check with your plan administrator for details.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • PAMELA
    Lv 7
    1 month ago

    How about asking them, how would we know!

    • Login to reply the answers
  • xyzzy
    Lv 7
    1 month ago

    Most likely if you are vested you can roll the 401K into an IRA

    • Login to reply the answers
  • PoBoy
    Lv 7
    1 month ago

    Your contributions to your 401k are always yours. You may roll it over into an IRA at your bank or credit union.  You should do that ASAP.

    As to company contributions, check with HR, it is unlikely they vested in such a short period of time.

    UPDATE: The company owes you an accounting of what happened to your money. They are not allowed to take it. 

    • Login to reply the answers
Still have questions? Get your answers by asking now.