Hive mind: I've a client with a 401k that's in theory moveable because of a company buyout. However, the client has a 401k loan outstanding. Is this still moveable?

likehelpful
Posting as :
works at
You are currently posting as works at

Yes but the outstanding loan balance will become taxable

like

Alternatively you can partial roll out the balance leaving enough behind to cover the loan

like

Some plans allow you to leave the loan and continue paying on it as long as employment continues.

like

I would call the plan provider and they will know what language is in the plan docs if it's allowable.

like

Partial roll unless they want to realize taxes in that amount for the year in addition to their earned income. Be sure to tell them payroll deductions go away as well.

helpful

Remember with new tax code you have till your taxes are due to pay it back (including extensions)

like

The loan balance is taxable anyway because the client has to pay it back with after tax follats

If they pay it back. But if they roll over the entire balance become income in that year

No- not with a loan

You might be able to do a portion. They likely have an LTV requirement. And you could roll the available amount.

Related Posts

I am trying to justify house buying in HCOL city. The house cost is minimum 1.4m .monthly mortgage would be at least 7k(with just around 2k principal) rest goes to either int,tax. Not to mention regular house maintenance. How is it better than 3.5k rental. I understand appreciation and own house independence. But I am just trying to make numbers work.

like

SD rent prices are just about the same as SF right now. It’s blowing my mind.

like

Does having corporate NPS account make any difference? Ultimately we get 50k additional deduction only ,right? So between an employee giving a voluntary contri of 50k to an individual nps account and another whose employer's contri 50k to corporate account will give the same benefits, isn't this understanding correct?

If my parents are over 70 years old, can I start their life insurance now so that when they die me and my family are protected financially.

like

I was in the final stages of an interview with Microsoft two weeks ago, in partner marketing. Then the recruiter told me they were putting the hiring process on hold to assess the need for the role. Well, then we heard about Microsoft layoffs last week. Seems like most were in Xbox and Project Alpha but there’s not a lot of information out there. Should I hold out any hope that I’m going to get this job? Any insights on how much these layoffs have impacted the marketing org and/or new hiring?

like

Huge btc short position in market right now, I expect a lot of liquidity issues to come to light soon. Bitcoin should end up below 30k and stay there as new resistance soon. You all doubt my previous posts but all these bumps to 37-39k are fake bounces from retail buying the dip. Defi is gonna unravel. Do you honestly believe the 10-40% defi interest rates were risk free. It’s all paid by stablecoin printing backed by the assumption that crypto prices would keep appreciating

likefunny

I recently joined IBM Kolkata for mainframe. Is there any project available for 7B ? 9.4 years exp.

Is the working hours mentioned in my workspace correct? I have recently been allocated to a project and it shows timings from 11 pm -9 am..

like

Any strategy folks out there have experience transitioning from agency to client side? What roles did you apply for and how did you position yourself?

like

Just got a job at Deloitte M&A in Atlanta and am currently looking to buy a house. Would you advise I buy closer to Atlanta or the suburbs? I personally want to be in the suburbs but I hear the traffic situation is quite bad. Current consultants in Atlanta, how much time do you actually spend in the office vs remote vs client site? Would you advise I try and stay closer to the office?

like

Does anyone recommend working in high pressure better salary(WFH IC Engineer role in a relatively big Financial services firm, but working hands of on many things that builds pressure) vs

job 2 or atleast offer (Senior Manager 3 days a months in office( Banking firm) minimum, people manager for 24/7 infra operations teams and new project)taking a salary cut of 8k in base and with better WLb( hr) says so in interview. I am too confused. On job security we all know we can't guarantee anything.

like

How common are credit checks for roles in accounting or finance positions? Will high utilization on credit card balances and low credit score be a deal breaker? I’ve been irresponsible and made mistakes, but wondering if I can switch jobs now or if I’m best off waiting 1-2 years and cleaning up my credit first.

like

Pro tip: live close to poorer people to feel rich. The feelings of wealth are extremely subjective and is mainly based on comparison

likefunny

About to join KGS in a month or so in Deal Advisory Strategy team as a Consultant, wanted to know if the role is a front end (client facing) role or is it a backend role?

Also, wanted to give a check on the work culture and senior management team!!

Please help in making an informative decision.

like

What kind of digital (design, platform) RFPs are you seeing out there recently? Looking for some digital new biz trends. What keeping digital marketers up and where are they investing in 2021?

like

Has anyone dealt with Peachtree Residential before? They build homes primarily in Atlanta and Charlotte.

like

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

What’s a reliable crypto broker that some would recommend? I’ve been using Coinbase Pro but I’m worried to keep investing with them because of their non existent customer service and if I might need support I probably won’t get help

like

I read this super interesting article about how big companies like Toyota are investing in social-emotional training for their employees and seeing massive benefits. I actually think this could be a whole separate class for students of all ages. Learning about conflict resolution, growing your own self-regulation skills...it's really important.

likeupliftingsmart

My boss is asking me to “reconsider” the way I approach a client… I am in charge of this annoying corporate maintenance thing that we do for a client (I.e., making board of directors meeting to comply with some regulatory reporting required. I always end up missing deadlines. How would you reply?

like

More Posts

What do you think of the new social Clubhouse? Any cool advertising clubs to follow yet?

like

EY OR DELOITTE USI?

like

Hi Fishes,

Please share Barclays designation hierarchy with salary bracket.

like

If there is a case that we have to quarantine again. Do you all think it is possible for store associates to work remotely? If so, what are some ways this could work? I fear another pandemic or outbreak and so many people being out of work again. I can't even fathom those that had jobs in retail that had little to no choice to not be remote.

like

What is the average salary at Deloitte touche gurgaon location for a deputy manager level. Under taxation..
Have an offer of 13.5 for 5 years of experience.

3/2 - (specific symbols)

likehelpful

LTI is Hiring for below Cloud /DevOps - BU Positions !!

Interested plz DM with job codes and email id to apply

**Immediate to 30 days joiners will be preferred**

Post Photo
like

Sponsored folks, where do you plan to intern during bschool?

like

Anyone watching 90 Day fiance - Before the 90 days?

like

Do we have tax calculator in tcs

like

How much does someone's career affect how compatible you think you are with them?

like

It’s my birthday today. Let’s have a party this week 🥳

like

Starting pay for RBT’s in South Florida and NY?

like

What do y’all believe should be the average pay for an ekg tech?

likesmart

Not bad for a Tuesday :)

Post Photo
likeuplifting

Currently working at a 3rd year analyst at a major bank. Focusing on Corporate Treasury sales for the first 2 years and most recently in e-commerce product development (payment processor). Looking to transition into a product manager role at a tech company where I can work remotely.

Has anyone had similar experience or has any advice to share?

like

I Really need your suggestions.

I have 6 yoe in dot net.
I have 2 year of work exp on a very small company where there is no pf and sometimes we do not get salary also but i learn a lot of things there.
Now 4 year in infosys bpm
Now tcs background verification team is asking for my bank details and uan / pf, i really dont have it.

I honestly told tcs background verification team that i dont have these details, but i gave them my PM number

WILL THEY REJECT ME ?
MY WORK EXP IS GENUINE

like

Hi Guys Deloitte Accenture Infosys I joined a startup 5years back they gave me salary as cash for starting few months because there company not registered after that they Deposit to my A/C, Now third party agency asking me to submit bank statement for starting month . I don't have form 16 OR PF . I worked there around 2years.


Now how to proof?

Anyone from Axtria here,

What will be my salary range 3 years later if my current CTC is 15 lakhs with YOE of 5 years? Tech Stack - BI development!

like

I have an offer with 12 LPA as a SA -QA1 as OMS QA (Functional) ; I don't have much experience in automation, mostly I have worked on functional/buisness part of testing ; can anyone let me know what is the future for a tester in PS ? will the resources gets projects , or not with this kind of profile

like

Additional Posts in Financial Advisors

Any recommendations for good camera for both photography and video? Need to upgrade my 8yr old Canon Rebel.

like

I'm considering hiring someone who may be required to have a series 65. How long should it take someone who is (a) smart & (b) no industry knowledge to study and pass?

like

What are your strengths/weaknesses? Such an overplayed interview question that no one really answers truthfully -- now is your chance!

like

What are some signs of burn out? This is my first professional job and i’m not sure what the signs are.

like

Can some of you experienced folk recommend some good books for rookies? What are your favorites for investment strategies, marketing, selling, etc.?

like

Out of curiosity, what are some of your most frugal habits?

like

Best music/audio to listen to while working?

like

does any one have tips and tricks on how to be a good interviewer? I'm finding it difficult to gauge someone just asking...tell me a little about yourself...

My brother is a college student in Minnesota looking for a summer internship in our field. Is anyone here hiring or know of someone who may be willing to provide that opportunity?

like

Anyone in the Houston area?

like

For advice/fee based platforms: SEI Private Trust or Envestnet as your preferred?

like

So the fiduciary rule got tossed yesterday

likehelpfulfunny

Looking to grow my practice by acquisition I am CFP,CPA,MBA located in Central PA. Please let me know if you are interested in talking about your succession plan. Thanks!!

like

My team(over $2mm in revenue and $250mm in AUM) is exploring the RIA space. Any insights from similar former wirehouse teams who have already made the move, or teams considering going RIA? Many thanks

like

Anyone finding it harder getting managed money biz? If so, what changes or adjustments have you made in prospecting or sales approach? Thanks.

like

What’s the general guidance on the order to maximize retirement contributions for tax benefits for an normal individual and for a self employed/small business owner before moving to taxable accounts or alternate vehicles like cash value life policies?
I’ve seen for individual: match trad 401k->match roth 401k->max roth IRA->max trad IRA->max trad 401k->max roth 401k->max HSA
For self employed: max SEP IRA/solo 401k->max roth IRA->max trad IRA->max HSA

Of course situations differ but in general?

like

For those who started at insurance company to gain experience and moved, were you able to take variables(non-prop VAs, VULs), b/d books with you?

like

Anyone know a company that will provide annuities to non-US citizens, non-US residents?
If so, would they have to be expats of their country?

likefunny

I have a new prospect. Small business owner that wants to start a 401k for himself and his employees. Who would be the top 2-3 organizations I contact, and what questions should I ask the providers?

like

Anyone have any productivity tips/hacks they would suggest for an associate? I could use all the help I can get.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal