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Do I need to claim taxes on a previous employer 401k account?


Do I need to claim taxes on a previous employer 401k account?

As the other answerer mentioned, there are two
situations:

1)
You rolled the 401k over from a previous employer's
plan into either your new employer's plan or
into a private 401k account (ie. at Fidelity or
Ameriprise or something like that).

In that case, it is not considered a withdrawal
and there are no taxes involved.

As I recall, you have something like 60 days
from when you remove it from one plan before
it must be placed into another. Keep your
records in case the IRS checks up on you :-)

2)
If you withdrew the money and just kept it in
a bank account, you not only have to pay taxes
on it, but you'll probably have to pay a
penalty as well.
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