No longer employed

[majep5]

401K roll over?

What is the name of your state? TX

i am no longer employed, however i have a 401k with my employer. i took out a some money from it in march to use for a house downpayment. can they take the balance of the loan out of my 401k balance, how much will i get taxed and what is the best way to roll the rest of the money over? to where? IRA, another 401K

 

[abezon]

You can't roll it into another 401k until you have a new job with an employer who has a 401k. You can roll the balance into an IRA without paying taxes or penalties. The unpaid loan balance will show up at tax time as an early distribution -- you'll pay income taxes + a 10% penalty. Save some $$ now & get your taxes done early so you know how much money you'll need by 4/15.