Should I sign ????

[Johnlaurajake]

What is the name of your state? Ohio

My husband and I will be divorcing (just finishing up a Bankrupcy) He just faxed me a form and asked me to sign it and fax it back.

He moved to Virginia and has a new job. He said that he needs me to sign this so he can take the money out and move it to the new 401k.

Here's what it says
"This section should be reviewed if either the trust or the residece of the accountholder is located in a community or marital property state and the accountholder is married. Due to the imporant tax consequences of giving up one's community property interest, individuals signing this section should consult witha competent tax or legal advisor. I am the spouse of the above named accountholder. I acknowledge that I have received a fair and resonable disclosure of my spourse's property and finanacial obligations. Due to the importat tax consequences of giving up my interest in this IRA, I have been advised to see a tax professional I hereby give the accountholder any interest I have in these funds or property depostited in thi IRA ad consent to the beneficiary designations indicated above. I assume full responsibility for any adverse consequences that may result. No tax or legal advice was given to me by the custodian.

Sorry so long but that's all it says and he wants me to sign. This is obvioulsy the last of 3 pages but the only one he is giving me. I don't care about the money that is in there and I don't care who his beneficiary is but am worried about the part about tax consequences. Should I Be? Am I going to cause myself any tax harm by signing for him?

 

[divgradcurl]

What is the name of your state? Ohio

My husband and I will be divorcing (just finishing up a Bankrupcy) He just faxed me a form and asked me to sign it and fax it back.

He moved to Virginia and has a new job. He said that he needs me to sign this so he can take the money out and move it to the new 401k.

Here's what it says
"This section should be reviewed if either the trust or the residece of the accountholder is located in a community or marital property state and the accountholder is married. Due to the imporant tax consequences of giving up one's community property interest, individuals signing this section should consult witha competent tax or legal advisor. I am the spouse of the above named accountholder. I acknowledge that I have received a fair and resonable disclosure of my spourse's property and finanacial obligations. Due to the importat tax consequences of giving up my interest in this IRA, I have been advised to see a tax professional I hereby give the accountholder any interest I have in these funds or property depostited in thi IRA ad consent to the beneficiary designations indicated above. I assume full responsibility for any adverse consequences that may result. No tax or legal advice was given to me by the custodian.

Sorry so long but that's all it says and he wants me to sign. This is obvioulsy the last of 3 pages but the only one he is giving me. I don't care about the money that is in there and I don't care who his beneficiary is but am worried about the part about tax consequences. Should I Be? Am I going to cause myself any tax harm by signing for him?

Since you are going through a divorce, don't you have an attorney? What does your attorney say? And shouldn't you read ALL of the pages of the document before you sign?

 

[Dandy Don]

How much money is in the account? Who contributed to it--you or just your husband?

Tax penalties on 401K monies, if they are WITHDRAWN, are very heavy, so you need to be consulting with a local CPA or tax accountant (who has experience with 401K). It is possible that if he is just doing a rollover, that the penalty might not be as heavy or there may be no penalty at all. Just get advice before you sign so you will know exactly what to expect, and find out if there is a tax liability who will be paying it--you or your husband.

DANDY DON IN OKLAHOMA ([email protected])