Monkeyman Posted July 18, 2008 Report Share Posted July 18, 2008 Hello Everyone, I hope all of you are well, I am enjoying my new ATV sales job very much. I have a tan and have lost 15 lbs; The girls are doing great. I keep getting these statements from Wolters Kluwer (CCH) regarding a profit sharing account, and thought I would confer with the smartest group of folks that I know:) The balance is considerable for a young guy trying to make his way in this crappy economy, and I would very much like to cash in on this as much as I can. I don't even know if I can do anything with it, and have absolutely no clue what the statements mean. Can any of you help? I would be willing to give a cut of anything I may be able to get. Thanks in advance for any help you can provide. Kerry Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted July 19, 2008 Report Share Posted July 19, 2008 Is there any kind of telephone number with the statement? You should be able to contact personnel/human resources and find out what your options are. This sounds like some kind of pension/profit sharing/401(k) account that you had with ATX that was rolled over into CCH's plan. You should not have to pay any one to help you get this money, if you are fully vested in whatever kind of account this is. If you take the money out, however, you might have to pay a 10 % tax penalty, in addition to regular taxes, if you are under age 59 and 1/2. There are other exceptions, but without knowing more details, it is hard to know exactly what advice to give you. I am sure we will all be glad to help if you can give us more information. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted July 19, 2008 Report Share Posted July 19, 2008 Agree with Gail. Get us some more info. If you're really strapped, you could take regular distributions to avoid the 10% but still pay income taxes on the amount taken each year -- not my recommendation since you'd have to keep taking the same amount even as your other income goes up and you don't need this extra source as much. You can probably leave it where it is if you like the investments available in that plan. But, the best solution for many who separate from employment is to roll over the retirement funds from that job to one at your new employer or into an IRA. Then you have more control over the funds. You'll want to use a trustee-to-trustee transfer to make a clean path. So, call CCH to find out your options and come back here with the info. And, check to see if your new employer accepts funds into its retirement plan, or even has a retirement plan. We want to hear from you BEFORE you do anything with the money, not after. Quote Link to comment Share on other sites More sharing options...
zeke Posted July 19, 2008 Report Share Posted July 19, 2008 >>We want to hear from you BEFORE you do anything with the money, not after. << I agree with Gail & Lion. There are not more than 600 or 800 preparers on this board that want to help you. Please do not even ASK for the money before you understand all your choices. We do NOT want your account number or address or specific dollar amounts. In order to help we do need to know just who owns the plan & under what restrictions. Good luck! Zeke Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted July 20, 2008 Report Share Posted July 20, 2008 Yes, Kerry, that money is part of a 'retirement' plan, so no matter what type it is [there are a number of possibilities]. you can not take it out without losing much of it to penalties and taxes. Not a wise move. But moving it into an IRA might well be a good idea. So find out more details, then come back and we will be happy to help you learn your options, and the net effect of those options. Then, armed with knowledge, you can then make an informed decision about what you want to do. Like Zeke said, lots of us will be happy to help you. No cost at all, we will enjoy helping you, just like you enjoyed helping us 'back in the day'. Quote Link to comment Share on other sites More sharing options...
Monkeyman Posted July 20, 2008 Author Report Share Posted July 20, 2008 You guys and gals are the best. I greatly appreciate this. I will get more information and get back to you BEFORE I touch the money, not after. Thanks again! Kerry Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted July 20, 2008 Report Share Posted July 20, 2008 I concur with my colleagues. I got your back on this one if you need it Kerry, but I came to the party late and they already have given you excellent advice. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Lion EA Posted July 20, 2008 Report Share Posted July 20, 2008 Hey, don't you all wish we could train our clients this well this fast?! Kerry's going to get info and come back to us before touching the money. I just love the ones who ask us first. Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted July 21, 2008 Report Share Posted July 21, 2008 Kerry: I will assist you any way I can....As will most everyone here... Quote Link to comment Share on other sites More sharing options...
Monkeyman Posted July 22, 2008 Author Report Share Posted July 22, 2008 Kerry: I will assist you any way I can....As will most everyone here... I know, JB, and words cannot express my appreciation. All of you folks have been a tremendous assett for me and my family. I just spoke with my friend (also a former ATXer) who now works at the local credit union. He is going to look into my options and set me up with the best way to utilize this money. Of course I will confer with you folks before I make any moves. Thanks again, Kerry Quote Link to comment Share on other sites More sharing options...
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