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Sun Mar 22, 2009 5:25 am
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The firm cannot do anything with the balance if it is over $5000. WIth a balance of $5000+ they cannot cash it out without your approval, regardless of citizenship status.
I am not sure how you can "rollover" (that is the term you should ask HR about) the money to an account outside the US. Rollover is a term which refers to qualified accounts (IRA, 401(k) etc) in the US.
| Anonymous wrote: |
What happens to 401K over $5000 on H1B? Can the account be repatriated to a retirement account in my home country without being taxed in the US?
| Anonymous wrote: |
regarding 401k you are WRONG on the 70 1/2. 70.5 is the age when required distributions must be taken.. you can access 401k funds at any time.. If you access it before retirement age (i believe our plan is at age 55) you get hit with a 10% excise tax and the money is then taxed at your normal rate UNLESS you access it for a qualified reason (buying primary residence, prevent eviction and some others).
you can keep your funds in the plan if your balance is over $5000. if it is under $5000 the firm can cash you out and then you must roll it over to another qualified plan to avoid taxation
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| Posted:
Sun Mar 22, 2009 3:44 pm
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You should be able to withdraw funds whenever you want. There might be a small penalty involved though, depends upon the scheme. However, the 401(k) company would have to deduct 20 % in lieu of federal income tax. That is mandated and isn't negotiable. After that its your responsibility to file the taxes accordingly.
| Anonymous wrote: |
The firm cannot do anything with the balance if it is over $5000. WIth a balance of $5000+ they cannot cash it out without your approval, regardless of citizenship status.
I am not sure how you can "rollover" (that is the term you should ask HR about) the money to an account outside the US. Rollover is a term which refers to qualified accounts (IRA, 401(k) etc) in the US.
| Anonymous wrote: |
What happens to 401K over $5000 on H1B? Can the account be repatriated to a retirement account in my home country without being taxed in the US?
| Anonymous wrote: |
regarding 401k you are WRONG on the 70 1/2. 70.5 is the age when required distributions must be taken.. you can access 401k funds at any time.. If you access it before retirement age (i believe our plan is at age 55) you get hit with a 10% excise tax and the money is then taxed at your normal rate UNLESS you access it for a qualified reason (buying primary residence, prevent eviction and some others).
you can keep your funds in the plan if your balance is over $5000. if it is under $5000 the firm can cash you out and then you must roll it over to another qualified plan to avoid taxation
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| Posted:
Mon Mar 23, 2009 5:16 am
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in addition to the 20% withholding you will be accessed a 10% excise tax if it is not a qualified withdrawal (hardship, purchase of primary residence, etc)
keep in mind that 20% is just withholding.. when you file for 2009 (assuming 2009 withdrawal) you need to pay regular income taxes... which is probably more than 20%.
| Anonymous wrote: |
You should be able to withdraw funds whenever you want. There might be a small penalty involved though, depends upon the scheme. However, the 401(k) company would have to deduct 20 % in lieu of federal income tax. That is mandated and isn't negotiable. After that its your responsibility to file the taxes accordingly.
| Anonymous wrote: |
The firm cannot do anything with the balance if it is over $5000. WIth a balance of $5000+ they cannot cash it out without your approval, regardless of citizenship status.
I am not sure how you can "rollover" (that is the term you should ask HR about) the money to an account outside the US. Rollover is a term which refers to qualified accounts (IRA, 401(k) etc) in the US.
| Anonymous wrote: |
What happens to 401K over $5000 on H1B? Can the account be repatriated to a retirement account in my home country without being taxed in the US?
| Anonymous wrote: |
regarding 401k you are WRONG on the 70 1/2. 70.5 is the age when required distributions must be taken.. you can access 401k funds at any time.. If you access it before retirement age (i believe our plan is at age 55) you get hit with a 10% excise tax and the money is then taxed at your normal rate UNLESS you access it for a qualified reason (buying primary residence, prevent eviction and some others).
you can keep your funds in the plan if your balance is over $5000. if it is under $5000 the firm can cash you out and then you must roll it over to another qualified plan to avoid taxation
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| Posted:
Fri Mar 27, 2009 10:46 am
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Here's a new question for your layoff meeting: ask them to call and cancel your PDA, aircard, and corporate card while you are sitting there in the room. I left about two months ago, dutifully turned in all three... and am still getting billed on my corporate Amex for my aircard. I still haven't even figured out how that's possible, considering that I couldn't access my AmEx card a few days after I got laid off, and as far as I know the number doesn't work.
When I called Sprint to figure out why I was getting billed, they told me my aircard had never been canceled and that I can't cancel it on my own - it's up to the firm. Until D does something, I have to keep paying the bills. I've called 1-800-D at least twice a week, constantly speaking with people who tell me that the individual handling it isn't available right now but that they're going to get back to me by the end of the day with an update, even if the situation still isn't resolved. Then I hear nothing. When I ask for an alternative for waiting for a call back (since that never happens), they just give me an e-mail address (US Corp Wireless or whatever) that I've already tried several times and from which I've received absolutely no response.
Funny, when I was still employed, services used to bend over backwards if I had any sort of issue. Now that I'm no longer working there, I'm bottom of the priority list because it's not going to affect my productivity (except at my new job when I have to constantly try to deal with this).
Yes, I'm bitter. Go ahead and flame me. |
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Fri Mar 27, 2009 11:09 am
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Since you are no longer with the firm, the bills shouldn't be your problem...maybe you should stop paying the bills.
| Former Analyst wrote: |
Here's a new question for your layoff meeting: ask them to call and cancel your PDA, aircard, and corporate card while you are sitting there in the room. I left about two months ago, dutifully turned in all three... and am still getting billed on my corporate Amex for my aircard. I still haven't even figured out how that's possible, considering that I couldn't access my AmEx card a few days after I got laid off, and as far as I know the number doesn't work.
When I called Sprint to figure out why I was getting billed, they told me my aircard had never been canceled and that I can't cancel it on my own - it's up to the firm. Until D does something, I have to keep paying the bills. I've called 1-800-D at least twice a week, constantly speaking with people who tell me that the individual handling it isn't available right now but that they're going to get back to me by the end of the day with an update, even if the situation still isn't resolved. Then I hear nothing. When I ask for an alternative for waiting for a call back (since that never happens), they just give me an e-mail address (US Corp Wireless or whatever) that I've already tried several times and from which I've received absolutely no response.
Funny, when I was still employed, services used to bend over backwards if I had any sort of issue. Now that I'm no longer working there, I'm bottom of the priority list because it's not going to affect my productivity (except at my new job when I have to constantly try to deal with this).
Yes, I'm bitter. Go ahead and flame me.
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| Posted:
Fri Mar 27, 2009 11:45 am
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The corporate amex actually is your problem... if you dont pay it, Amex will hit ur credit report.
| EA kid wrote: |
Since you are no longer with the firm, the bills shouldn't be your problem...maybe you should stop paying the bills.
| Former Analyst wrote: |
Here's a new question for your layoff meeting: ask them to call and cancel your PDA, aircard, and corporate card while you are sitting there in the room. I left about two months ago, dutifully turned in all three... and am still getting billed on my corporate Amex for my aircard. I still haven't even figured out how that's possible, considering that I couldn't access my AmEx card a few days after I got laid off, and as far as I know the number doesn't work.
When I called Sprint to figure out why I was getting billed, they told me my aircard had never been canceled and that I can't cancel it on my own - it's up to the firm. Until D does something, I have to keep paying the bills. I've called 1-800-D at least twice a week, constantly speaking with people who tell me that the individual handling it isn't available right now but that they're going to get back to me by the end of the day with an update, even if the situation still isn't resolved. Then I hear nothing. When I ask for an alternative for waiting for a call back (since that never happens), they just give me an e-mail address (US Corp Wireless or whatever) that I've already tried several times and from which I've received absolutely no response.
Funny, when I was still employed, services used to bend over backwards if I had any sort of issue. Now that I'm no longer working there, I'm bottom of the priority list because it's not going to affect my productivity (except at my new job when I have to constantly try to deal with this).
Yes, I'm bitter. Go ahead and flame me.
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| Posted:
Fri Mar 27, 2009 11:57 am
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You should be able to file expense reports via 1-800-D for all of those charges -- especially if it was the firm's responsibility to cancel those things.
| Anonymous wrote: |
The corporate amex actually is your problem... if you dont pay it, Amex will hit ur credit report.
| EA kid wrote: |
Since you are no longer with the firm, the bills shouldn't be your problem...maybe you should stop paying the bills.
| Former Analyst wrote: |
Here's a new question for your layoff meeting: ask them to call and cancel your PDA, aircard, and corporate card while you are sitting there in the room. I left about two months ago, dutifully turned in all three... and am still getting billed on my corporate Amex for my aircard. I still haven't even figured out how that's possible, considering that I couldn't access my AmEx card a few days after I got laid off, and as far as I know the number doesn't work.
When I called Sprint to figure out why I was getting billed, they told me my aircard had never been canceled and that I can't cancel it on my own - it's up to the firm. Until D does something, I have to keep paying the bills. I've called 1-800-D at least twice a week, constantly speaking with people who tell me that the individual handling it isn't available right now but that they're going to get back to me by the end of the day with an update, even if the situation still isn't resolved. Then I hear nothing. When I ask for an alternative for waiting for a call back (since that never happens), they just give me an e-mail address (US Corp Wireless or whatever) that I've already tried several times and from which I've received absolutely no response.
Funny, when I was still employed, services used to bend over backwards if I had any sort of issue. Now that I'm no longer working there, I'm bottom of the priority list because it's not going to affect my productivity (except at my new job when I have to constantly try to deal with this).
Yes, I'm bitter. Go ahead and flame me.
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| Posted:
Fri Mar 27, 2009 12:23 pm
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Today I was sufficiently riled up to stay on the phone and insist that I would not hang up until they had solved my problem... which they couldn't do. I then told them to keep putting me on with the next supervisor in charge until I finally got to someone who offered to solve it... by returning my call. Yeah, right. Well, this time it actually worked, and he called me back with some awesome news.
They are calling Sprint now to cancel my account; however, as for the bills, expense compliance won't handle them because the bill didn't even start until after I was no longer employed. They said that the firm will pay for it, since it was their responsibility to cancel... but the person whose job it is to issue the unusual reimbursements like this has been laid off, and they don't know who can handle it now. Supposedly they will call back in the next few weeks to let me know who will handle it.
Sweet. |
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| Posted:
Fri Mar 27, 2009 4:34 pm
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That's exactly what happened to me. I had a hard time convert this PDA to a personal account. Phone operators are all in R10, dont think they understand what I need. It took 2 weeks to fixed it.
| Former Analyst wrote: |
Here's a new question for your layoff meeting: ask them to call and cancel your PDA, aircard, and corporate card while you are sitting there in the room. I left about two months ago, dutifully turned in all three... and am still getting billed on my corporate Amex for my aircard. I still haven't even figured out how that's possible, considering that I couldn't access my AmEx card a few days after I got laid off, and as far as I know the number doesn't work.
When I called Sprint to figure out why I was getting billed, they told me my aircard had never been canceled and that I can't cancel it on my own - it's up to the firm. Until D does something, I have to keep paying the bills. I've called 1-800-D at least twice a week, constantly speaking with people who tell me that the individual handling it isn't available right now but that they're going to get back to me by the end of the day with an update, even if the situation still isn't resolved. Then I hear nothing. When I ask for an alternative for waiting for a call back (since that never happens), they just give me an e-mail address (US Corp Wireless or whatever) that I've already tried several times and from which I've received absolutely no response.
Funny, when I was still employed, services used to bend over backwards if I had any sort of issue. Now that I'm no longer working there, I'm bottom of the priority list because it's not going to affect my productivity (except at my new job when I have to constantly try to deal with this).
Yes, I'm bitter. Go ahead and flame me.
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| Posted:
Sat Mar 28, 2009 10:26 am
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Swiss Vereiner
Joined: 27 Mar 2007
Posts: 214
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I don't believe the corporate AMEX shows up on your credit report. I've never seen it on mine.
| Anonymous wrote: |
The corporate amex actually is your problem... if you dont pay it, Amex will hit ur credit report.
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| Posted:
Sat Mar 28, 2009 10:32 am
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Same here. It has NEVER shown up on my credit reports for any of the companies I've worked for that uses Amex.
| Password1 wrote: |
I don't believe the corporate AMEX shows up on your credit report. I've never seen it on mine.
| Anonymous wrote: |
The corporate amex actually is your problem... if you dont pay it, Amex will hit ur credit report.
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| Posted:
Sat Mar 28, 2009 11:02 am
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Amex does not show in all three credit reports.
| Anonymous wrote: |
Same here. It has NEVER shown up on my credit reports for any of the companies I've worked for that uses Amex.
| Password1 wrote: |
I don't believe the corporate AMEX shows up on your credit report. I've never seen it on mine.
| Anonymous wrote: |
The corporate amex actually is your problem... if you dont pay it, Amex will hit ur credit report.
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| Posted:
Sat Mar 28, 2009 12:22 pm
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| The process really does matter based on your tenure. I was told that the firm was parting ways with me and that I needed to arrange for the best day during the following week to be my final day. I dropped my things off and then made my rounds in the office to say goodbye on my last day. Not a huge deal... + a trunkfull of severance to pay for my children's college fund. |
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| Posted:
Mon Mar 30, 2009 9:55 am
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How much was your severance? Mine was quite sh***!!
| Guest_XYZ wrote: |
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The process really does matter based on your tenure. I was told that the firm was parting ways with me and that I needed to arrange for the best day during the following week to be my final day. I dropped my things off and then made my rounds in the office to say goodbye on my last day. Not a huge deal... + a trunkfull of severance to pay for my children's college fund.
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| Posted:
Mon Mar 30, 2009 2:50 pm
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| Guest_XYZ wrote: |
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The process really does matter based on your tenure. I was told that the firm was parting ways with me and that I needed to arrange for the best day during the following week to be my final day. I dropped my things off and then made my rounds in the office to say goodbye on my last day. Not a huge deal... + a trunkfull of severance to pay for my children's college fund.
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I guess we all get different experience but I was told that I was let go by the partner, the partner left and papers were given to me by HR. I was told to give back all firm belongings and leave the premises on the spot. I was told my stuff would be packed in boxes and that boxes would be shipped to my home.
I was not allowed to speak to anybody ! |
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