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Monday, June 17, 2013

Ask the IRS - 401K

Grace in Malden: "I've changed jobs a few times and have a couple of old 401K accounts spread around. Is it better to consolidate them all with my current employer or open an IRA account?"

IRS:Gracie,That's a good question. First make a donation to Barrack Obama then send the rest to the IRS

Jason in Billerica: "My retirement plan at work is with TIAAA Cref. I understand the account is an annuity. Does that mean I can't move it to my IRA account when I retire?"

IRS:Jason,Don't even bother. Just send it all to the IRS

Andrew in Roxbury: "I was divorced two years ago and can claim my share of my wife's 401K. Do I need to keep it with the current employer or can I move it to my own 401K?”

IRS:Andrew,Can you quit with the stupid questions and send it all to the IRS and we'll make a small donation to Barrack Obama for you.

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