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Is it possible to transfer money from a 401K account into a cd without having to pay a penalty or taxes? |
Is it possible to transfer money from a 401K account into a cd without having to pay a penalty or taxes? You can do a rollover into an IRA account. If you want to investment in CDs, open an IRA account at a bank and then get the rollover forms and submit them to your 401k administrator and your old job (I'm assuming you no longer work for this company, most only let you transfer your 401k after you leave). Once the funds are at the bank you can investment them however you want. But the money will still be in a tax deferred account just like the 401k so you can't touch it without a penalty until retirement. If you are still working for the company and want to invest in a CD, check with your company's 401k admin. Most plans offer some sort of savings account type component. You may not get the same rate as a CD but your investment will be safe.Hi, You could transfer it into a IRA CD to avoid penalties. You can not transfer it into a regular CD. Irina if you are quiting your job, there are ways to roll over your 401k to avoid taxes/penalties. but you can't just take your 401k money out for any other reason. |
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