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New York Markets Close in:

need to know
BioCryst shars plunge after disappointing study
Apollo Education Group to be taken private
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
India is world's fastest-growing major economy
Volkswagen's quality-control chief resigns
White House to ask for Zika research funding
Struggling LeapFrog bought by VTech


Rubio in freefall in New Hampshire betting
Republican primary: 3 things to watch

Voter turnout in each U.S. state (24/7 Wall St.)
Americans giving up citizenship at record rate

In the U.S., socialism is no longer such a dirty word

Bill Clinton blasts Bernie Sanders as ‘the enemy of all things big’
Bill Clinton: Sanders is the ‘enemy of all things big’

Blunders may reveal real flaws in Clinton and Rubio
All those terrible things Hillary Clinton has done

Geithner gets investment aid from J.P. Morgan

These ‘Buffett stocks’ are bargains in this market

Why a selloff in European bank stocks is ominous
Bank stocks have taken enough: analyst

23 stocks they’re throwing out with the bathwater

Hasbro blows past estimates as Star Wars boosts revenue
Hasbro blows past estimates on Star Wars boost
What to look for from Disney: Star Wars, ESPN

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Nomac Drilling Corp. derrick man Justin Spruell, right, climbs down from an overhead platform after connecting a section of drill pipe on a Chesapeake Energy Corp. natural gas drill site in Bradford County, Pennsylvania, U.S., on Tuesday, April 6, 2010. Photographer: Daniel Acker/Bloomberg *** Local Caption *** Justin Spruell
Chesapeake denies bankruptcy plan as shares dive
What are the 8 strongest S&P energy stocks?

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


Why Chipotle will close every store for a few hours on Feb. 8
Chipotle will close every store for a few hours today
VOTE: If not Chipotle, where would you eat?

China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

Ford to double Mexico factory capacity in 2018
Ford to double Mexico factory capacity

New refugee crisis is looming at Turkey’s border

Lehman Brothers lives on,
as a spirit

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world



/conga/frontpage.html 367337

Markets »

71.69MDow Volume:
Avg Vol: 128.61M
Unchanged
107
Decliners
5180
Advancers
1127
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 15,849 -356 2.20%
Nasdaq
/quotes/zigman/12633936/realtime 4,237 -126 2.88%
S&P 500
/quotes/zigman/3870025/realtime 1,837 -43 2.28%
GlobalDow
/quotes/zigman/629063/realtime 2,096 -43 2.02%
Gold
/quotes/zigman/33772884/delayed 1,197 +39 3.37%
Oil
/quotes/zigman/2260836/delayed 29.93 -0.96 3.11%
FTSE 100
/quotes/zigman/3173262/delayed 5,689 -159 2.71%
DAX
/quotes/zigman/2380246/delayed 8,979 -307 3.30%
CAC 40
/quotes/zigman/3173214/delayed 4,066 -134 3.20%
FTSE MIB
/quotes/zigman/1482176/delayed 16,441 -809 4.69%
IBEX 35
/quotes/zigman/2759620/delayed 8,122 -377 4.44%
Stoxx 600
/quotes/zigman/2380150/delayed 314 -12 3.54%
Asia Dow
/quotes/zigman/6959860/realtime 2,515 +5 0.18%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.14%
Yen
/quotes/zigman/16008150/realtime/sampled 115.55 -1.33 1.13%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.50%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.35%
DXY Index
/quotes/zigman/1652083/delayed 96.84 -0.20 0.21%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.71 -0.10 0.11%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.75 -0.08 4.63%
German 10y
/quotes/zigman/15866409/realtime 0.22 -0.08 26.83%
Italy 10yr
/quotes/zigman/15866497/realtime 1.70 +0.14 9.21%
Spain 10yr
/quotes/zigman/15866444/realtime 1.76 +0.11 6.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.41 -0.15 9.62%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 3.11%
Gold
/quotes/zigman/33772884/delayed 1,197 +39 3.37%
Corn
/quotes/zigman/25518691/delayed 363 -3 0.68%
DJIA F
/quotes/zigman/48241424/delayed 15,777 -354 2.19%
S&P F
/quotes/zigman/43106711/delayed 1,832 -44 2.32%
Silver
/quotes/zigman/32655632/delayed 15 +1 3.94%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 98.97 -5.10 -4.90%
AAPL /quotes/zigman/68270/composite 94.03 0.01 0.02%
GOOG /quotes/zigman/59527964/composite 666.98 -16.59 -2.43%
BAC /quotes/zigman/190927/composite 12.24 -0.71 -5.48%
C /quotes/zigman/5065548/composite 37.92 -1.94 -4.87%
F /quotes/zigman/264304/composite 11.50 0.05 0.41%
T /quotes/zigman/398198/composite 36.80 -0.08 -0.22%
BP /quotes/zigman/247026/composite 29.65 -0.81 -2.64%
GE /quotes/zigman/227468/composite 27.83 -0.71 -2.49%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

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Trending Tickers
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  • /quotes/zigman/3059264/composite DUST-14.96%
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Ask SmartMoney
Your personal finance questions, answered.

Can I Roll Over My 401(k) Without A Penalty?

Question: I attended a community college for around two years and during that time I had a job with a 401(k) that accumulated a modest $2,000. Last August, I had to quit my job in order to attend the University of Illinois at Urbana-Champaign. Now, I am faced with the decision of what to do with my 401(k). The plans administrator recently sent me a letter letting me know that I had to act on the plan and either withdraw the money or they would roll it over to an IRA.

Is there typically a fee or penalty, whether from the IRS or the plan’s administrators, for the rollover and, if so, typically how much? And more importantly, will my plan to rollover my 401(k) to an IRA, for the purpose of making an education expense withdrawal, and avoid the typical 10% penalty, work? Or may I not make a withdrawal from an IRA that early?

– Jessica Radek, Northlake Il.

Answer: Your plan is a sound one. You will avoid the 10% early withdrawal penalty by taking a “direct rollover” — from one trustee to another — from your 401(k) plan to an IRA. (To do this, you open the IRA first, then fund it with the 401(k), not the other way around). As for a rollover fee, most brokerage firms don’t have them, says Robert Schmansky, founder of Clear Financial Advisors in Bloomfield Hills, Mich. For instance, online brokerages E*Trade and Scottrade.com have no minimum fee for an IRA rollover, nor do TDAmeritrade, Vanguard or Charles Schwab.

Once the IRA is funded from the rollover, you can make a penalty-free early withdrawal from the IRA for qualified higher-education expenses. Most brokerages don’t charge withdrawal fees, either. Eligible expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus an amount for room and board determined by your school if you attend at least part-time, says Peter Maris, founder and principal of Resource Financial Group in Wilmette, Il.

There are some potential pitfalls to be aware of. There may be a waiting period to access the newly set-up IRA, says Schmansky – typically just a few weeks. And just because you are avoiding the 10% early withdrawal penalty doesn’t mean you avoid federal income taxes. If you rolled over from a traditional 401(k) to a traditional IRA, the total amount withdrawn is taxable as income. If you have qualified education expenses, any taxes would need to be paid from a different source.

Be sure that the early withdrawal and the associated taxes are worth it. Remember, this is tax-advantaged money in a retirement account. Some financial advisers recommend that you explore options for paying for college before turning to retirement assets, no matter how large or small. However, Dan Mahoney, a spokesman for Charles Schwab, says, “Depending on the client’s situation, it may be better to use their rollover IRA assets for education and pay the taxes rather than take out a student loan and potentially carry on more debt.”

For more details on IRA withdrawals, see the IRS Website or our guides below.

For more:

Comments

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Comments (1 of 1)

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About Ask SmartMoney

  • Ask SmartMoney has a single, simple mission: Answer your questions. Answers are written by the staff of SmartMoney.com and SmartMoney magazine, with the help of outside experts. Topics cover investing, spending, retirement planning, saving for college, insurance, taxes and more. Submit your question in the form below, or email ask@smartmoney.com.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Close in:

need to know
BioCryst shars plunge after disappointing study
Apollo Education Group to be taken private
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
India is world's fastest-growing major economy
Volkswagen's quality-control chief resigns
White House to ask for Zika research funding
Struggling LeapFrog bought by VTech


Rubio in freefall in New Hampshire betting
Republican primary: 3 things to watch

Voter turnout in each U.S. state (24/7 Wall St.)
Americans giving up citizenship at record rate

In the U.S., socialism is no longer such a dirty word

Bill Clinton blasts Bernie Sanders as ‘the enemy of all things big’
Bill Clinton: Sanders is the ‘enemy of all things big’

Blunders may reveal real flaws in Clinton and Rubio
All those terrible things Hillary Clinton has done

Geithner gets investment aid from J.P. Morgan

These ‘Buffett stocks’ are bargains in this market

Why a selloff in European bank stocks is ominous
Bank stocks have taken enough: analyst

23 stocks they’re throwing out with the bathwater

Hasbro blows past estimates as Star Wars boosts revenue
Hasbro blows past estimates on Star Wars boost
What to look for from Disney: Star Wars, ESPN

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Nomac Drilling Corp. derrick man Justin Spruell, right, climbs down from an overhead platform after connecting a section of drill pipe on a Chesapeake Energy Corp. natural gas drill site in Bradford County, Pennsylvania, U.S., on Tuesday, April 6, 2010. Photographer: Daniel Acker/Bloomberg *** Local Caption *** Justin Spruell
Chesapeake denies bankruptcy plan as shares dive
What are the 8 strongest S&P energy stocks?

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


Why Chipotle will close every store for a few hours on Feb. 8
Chipotle will close every store for a few hours today
VOTE: If not Chipotle, where would you eat?

China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

Ford to double Mexico factory capacity in 2018
Ford to double Mexico factory capacity

New refugee crisis is looming at Turkey’s border

Lehman Brothers lives on,
as a spirit

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world



/conga/frontpage.html 367337

Markets »

71.69MDow Volume:
Avg Vol: 128.61M
Unchanged
107
Decliners
5180
Advancers
1127
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 15,849 -356 2.20%
Nasdaq
/quotes/zigman/12633936/realtime 4,237 -126 2.88%
S&P 500
/quotes/zigman/3870025/realtime 1,837 -43 2.28%
GlobalDow
/quotes/zigman/629063/realtime 2,096 -43 2.02%
Gold
/quotes/zigman/33772884/delayed 1,197 +39 3.37%
Oil
/quotes/zigman/2260836/delayed 29.93 -0.96 3.11%
FTSE 100
/quotes/zigman/3173262/delayed 5,689 -159 2.71%
DAX
/quotes/zigman/2380246/delayed 8,979 -307 3.30%
CAC 40
/quotes/zigman/3173214/delayed 4,066 -134 3.20%
FTSE MIB
/quotes/zigman/1482176/delayed 16,441 -809 4.69%
IBEX 35
/quotes/zigman/2759620/delayed 8,122 -377 4.44%
Stoxx 600
/quotes/zigman/2380150/delayed 314 -12 3.54%
Asia Dow
/quotes/zigman/6959860/realtime 2,515 +5 0.18%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.14%
Yen
/quotes/zigman/16008150/realtime/sampled 115.55 -1.33 1.13%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.50%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.35%
DXY Index
/quotes/zigman/1652083/delayed 96.84 -0.20 0.21%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.71 -0.10 0.11%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.75 -0.08 4.63%
German 10y
/quotes/zigman/15866409/realtime 0.22 -0.08 26.83%
Italy 10yr
/quotes/zigman/15866497/realtime 1.70 +0.14 9.21%
Spain 10yr
/quotes/zigman/15866444/realtime 1.76 +0.11 6.81%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.41 -0.15 9.62%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 3.11%
Gold
/quotes/zigman/33772884/delayed 1,197 +39 3.37%
Corn
/quotes/zigman/25518691/delayed 363 -3 0.68%
DJIA F
/quotes/zigman/48241424/delayed 15,777 -354 2.19%
S&P F
/quotes/zigman/43106711/delayed 1,832 -44 2.32%
Silver
/quotes/zigman/32655632/delayed 15 +1 3.94%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 99.00 -5.07 -4.87%
AAPL /quotes/zigman/68270/composite 94.08 0.06 0.06%
GOOG /quotes/zigman/59527964/composite 667.46 -16.11 -2.36%
BAC /quotes/zigman/190927/composite 12.26 -0.69 -5.33%
C /quotes/zigman/5065548/composite 37.94 -1.92 -4.82%
F /quotes/zigman/264304/composite 11.51 0.06 0.48%
T /quotes/zigman/398198/composite 36.79 -0.09 -0.24%
BP /quotes/zigman/247026/composite 29.67 -0.79 -2.60%
GE /quotes/zigman/227468/composite 27.85 -0.69 -2.43%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/126832/composite CHK-34.42%
  • /quotes/zigman/34007695/composite GPRO+11.24%
  • /quotes/zigman/9021597/composite YELP-1.77%
  • /quotes/zigman/3059264/composite DUST-14.96%
  • /quotes/zigman/118681/composite TSLA-9.04%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration