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Thread: Laid off 401k question

post 1677986383 02-26-2023, 05:37 PM
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Laid off 401k question

Sorry don't know much about finance.

So basically got laid couple weeks ago, the 401k provider send me checks made out to Vanguard FBO to me but the vanguard account I have is a roth. Is there anyway to convert that to my roth and are there any penalties. Or do I have to keep it in the traditional IRA?

and if so can anyone recommend any good funds too keep them in? I had all my 401k in a blackrock fund name shows as BlackRock Equity Index NL M
post 1677993023 02-26-2023, 07:33 PM
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Originally Posted By TugOfPeace⏩
pics?
laid off lol
post 1677993203 02-26-2023, 07:36 PM
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Is the check in your name or Vangaurd's?

If your provider gave you your 401k contribution in a check with your name on it, I don't see why you couldn't put it in your own Roth or Brokerage.


Without more information, hard to tell you for sure.
post 1677993423 02-26-2023, 07:40 PM
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Originally Posted By iamanalphamale⏩
Is the check in your name or Vangaurd's?

If your provider gave you your 401k contribution in a check with your name on it, I don't see why you couldn't put it in your own Roth or Brokerage.


Without more information, hard to tell you for sure.
No it's made payable to Vanguard for the benefit of me (check says FBO). Was told by HR to do it that way to avoid tax.
post 1677993603 02-26-2023, 07:43 PM
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Huh, well, then you'd have to maybe ask someone that deals with this sort of situations, professionally.

If the check was payable in your name, then I would think you'd be able to take that money and place it wherever you wanted to - personal Roth or Brokerage.


However, not sure how it works when the check is in Vangaurd's name.
post 1678807963 03-12-2023, 01:06 AM
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You can deposit that check into your Vanguard Roth IRA, but if you do the amount of that check will become ordinary income this year that you will owe income tax on the full amount, assuming you have not been making post-tax 401k contributions. If you create a traditional IRA and deposit it there you will not owe any tax now. You also need to act fairly quickly because you only have 60 days to deposit that check before it becomes ordinary income by default.
post 1678814943 03-12-2023, 08:10 AM
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Originally Posted By baroni01⏩
Sorry don't know much about finance.

So basically got laid couple weeks ago, the 401k provider send me checks made out to Vanguard FBO to me but the vanguard account I have is a roth. Is there anyway to convert that to my roth and are there any penalties. Or do I have to keep it in the traditional IRA?

and if so can anyone recommend any good funds too keep them in? I had all my 401k in a blackrock fund name shows as BlackRock Equity Index NL M
Did you vote for Biden? If yes.. I hope you lose everything.
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