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Old 06-20-2010, 01:17 PM
 
Location: North Metro Atlanta
4,890 posts, read 6,215,357 times
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1. How much is it?
2. You will have to pay Income tax on the money, that why they sent the Form for the IRS.
3. You will have to pay a 10% penatly for early withdraw

4. Set up a IRA/Rollover in one of the brokage companies. Ask them to do a fiduciary to fiduciary a tranfer from you old 401K to them. They will do it for free to get to manage your money.
5. When you file your taxes next year you will need to be able to show that you never got the money and it want directly from your 401K to the IRA.
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Old 06-20-2010, 07:42 PM
 
Location: We_tside PNW / CO / SA TX / Thailand
11,277 posts, read 18,945,577 times
Reputation: 8141
Quote:
Originally Posted by BRACIE View Post
...i never recieved my 401k from them. I called them and they said they sent me out a check and i told them i never recieved it. And they said they show that it was returned and they deposited it back into the 401k and they sent me something to file with the irs , i told the lady i had not recieved anything so i aint filing it until i get the money.. She told me she would find out where it was but it was showing it was deposited back into the 401k. But she has never called me back this was over 4 years ago.. What should i do ..
This is quite a different question than the OP.
Might want to move to Personal Finance under "A Missing 401K distribution"
I just sounds like a case of the company not having your current address.

The IRS should have found you by now. You may be fortunate that they redeposited it in 401k (tho I am surprised they would do that for you).

i.e. follow the advice above. Do a transfer ONLY fiduciary to fiduciary
(this can be to another 401k or a rollover IRA)

Do not do a distribution
, as if you touch the funds, you pay tax; and possibly and early withdrawal penalty (if under age 59.5, or under 55 and not retiring).
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Old 03-08-2011, 12:33 PM
 
Location: Warren County and loving it!
5,044 posts, read 4,454,168 times
Reputation: 2474
How do you get a check for a stock certificate? Where can you cash one out at? I am having the hardest time with this.
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Old 03-08-2011, 12:49 PM
 
Location: Earth
1,480 posts, read 2,950,689 times
Reputation: 1374
Quote:
Originally Posted by Jerseyt719 View Post
How do you get a check for a stock certificate? Where can you cash one out at? I am having the hardest time with this.
Companies don't really issue physical certificates anymore. Some do, like Disney, but it's really just for fun. The actual shares are held with a brokerage firm. You would typically direct the firm to sell your shares and send you the money. If, hypothetically, you actually had physical stock certificates, I'd tell you to go see a financial advisor to have his or her firm take custody and sell them for you. Expect to pay a commission.
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Old 03-08-2011, 12:52 PM
 
Location: Warren County and loving it!
5,044 posts, read 4,454,168 times
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Great. That's what I thought.

My husband wanted to sell off some shares and he contacted his brokerage. They told him they couldn't send him a check but could send him the certificate. We got that and now want to get the money for it and are having a hell of a time. I thought some banks did it??

What kind of commission are we talking about? Is it a percentage?
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Old 03-08-2011, 01:03 PM
 
Location: Earth
1,480 posts, read 2,950,689 times
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That's a little odd. Are the shares restricted? (Did he work for the company, perhaps?) They might also be worthless. I'd be curious to know why the brokerage firm couldn't sell them. What's the name of the company?

The commission amount varies widely. It depends on the value of the shares, the number of shares, and of course the firm. There are discount firms and there are full-service firms. If a broker told you that they couldn't sell them, then there's no telling.
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Old 03-08-2011, 01:05 PM
 
Location: Warren County and loving it!
5,044 posts, read 4,454,168 times
Reputation: 2474
I thought it was odd too. He still works for the company. Didn't leave. I don't get it.

I remember when I had stocks in my company and wanted to sell them, I just called up and they sent me a check.

This is a bit nuts.
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Old 03-08-2011, 01:12 PM
 
Location: Earth
1,480 posts, read 2,950,689 times
Reputation: 1374
For the OP, most buyout's are either a symbol change - you get 3 shares of ABC in exchange for every 1 share of XYZ, or you get a check.
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Old 03-08-2011, 01:16 PM
 
Location: Earth
1,480 posts, read 2,950,689 times
Reputation: 1374
Quote:
Originally Posted by Jerseyt719 View Post
I thought it was odd too. He still works for the company. Didn't leave. I don't get it.

I remember when I had stocks in my company and wanted to sell them, I just called up and they sent me a check.

This is a bit nuts.
When employees are issued stock as part of compensation or buys them discounted under an employee purchase plan, they are often restricted shares. That means there is a holding period before you can sell them. The idea is to reduce insider trading. Your's may have been restricted, too, but the holding period may have passed in your case.

This is just one of many possibilities, though. That's my best guess. If the shares are restricted, no one will be able to sell them. Legally, you can't even give them away.
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Old 03-08-2011, 01:17 PM
 
Location: Warren County and loving it!
5,044 posts, read 4,454,168 times
Reputation: 2474
Thank you so much! You have been a big help
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