Assante Wealth Management's 401(k) rollover checklist helps you move an old workplace account without losing track of taxes, investments or a practice decision.
A rollover can simplify a physician's or dentist's accounts, but fewer accounts only helps when the new account fits your tax plan. The first thing to check is whether the old plan holds anything that should not be moved yet.
1. Identify what you actually own
An old 401(k) statement shows the balance, but it may not explain every restriction. Look for company stock, stable-value funds, after-tax money, Roth 401(k) contributions and an unpaid plan loan. Those details can change the tax result or the range of available choices.
A physician with a former hospital plan and a dentist who sold a practice may each have more than one old account. Put every account on one list before choosing a destination. Simplicity starts with knowing the full list.
- Find the latest account statement
- Write down each investment and balance
- Mark any employer stock or special fund
- Check whether loans remain outstanding
2. Compare the destination before moving money
An IRA may offer a wider investment menu, while a new employer plan may keep the money together and preserve plan-specific rules. A rollover can also affect a future backdoor Roth strategy because traditional, rollover and SEP-IRA balances may matter when taxes are calculated.
Assante Wealth Management's investment management for doctors and tax planning for high earners address different parts of this choice. Neither account is automatically better. Ask what the account will make easier three years from now, not only what it offers today.
| Choice | Potential benefit | Question to answer |
|---|---|---|
| Old plan | Keep existing structure | Are choices sufficient? |
| New employer plan | One workplace account | Does it accept rollovers? |
| IRA | Broader investment menu | Will it affect Roth planning? |
- Compare the old plan with the receiving account
- Ask about investment expenses and available funds
- Check withdrawal and creditor-protection rules
- Review backdoor Roth implications
- Ask whether the new employer plan accepts rollovers
3. Move the money with the right paperwork
Tell the old plan administrator that you want a direct rollover, then follow the receiving custodian's instructions exactly. A check payable to you can create withholding and a 60-day deadline; a check payable to the receiving account generally keeps the transfer process cleaner.
Hypothetical example: a $200,000 check paid to you with 20 percent withheld would leave $160,000 in hand. You would need to replace the missing $40,000 from other money to roll the full $200,000 over, subject to the applicable rules.
- Request a direct trustee-to-trustee transfer
- Use the receiving account's exact title
- Confirm where the check is sent
- Save the confirmation number
- Watch for the new account statement
4. Put the rollover back into your working plan
The rollover is complete only when the account has a job. Assante Wealth Management can place it beside physician financial planning, student loan planning, cash balance plans, practice transition planning or tax planning for high earners, depending on what you are dealing with.
For a late saver, the useful output may be a one-page map: which account holds which funds, what gets added next and what income draws come from where. If the old balance is small and the new choices are no better, moving it may add paperwork without adding value.
- Match the rollover to your one-page plan
- Place the account beside student loan decisions
- Include practice or cash balance plan changes
- List who handles each follow-up
- Check the first statement against the transfer amount
Frequently asked questions about Assante Wealth Management
Will a 401(k) rollover create a tax bill?
Usually, a direct rollover from the old 401(k) to an IRA or another eligible employer plan avoids current income tax. A check made payable to you can trigger mandatory withholding and a 60-day deadline. Ask the receiving custodian which paperwork and account title it requires before requesting the distribution.
Should I roll my old 401(k) into an IRA?
Assante Wealth Management does not decide the destination account from the balance alone. The review considers investment choices, account costs, creditor protection, withdrawal rules, backdoor Roth plans and whether a practice or new employer plan is involved. Investments can lose value, and you may get back less than you invested.
What paperwork do I need for a 401(k) rollover?
Start by collecting the old plan statement, the plan administrator's distribution instructions and the receiving account details. Assante Wealth Management can then help organize the questions around taxes, investment choices and your broader plan, including student loan planning or a practice transition when those issues affect the decision.
This is general information, not advice tailored to your finances or circumstances. Investing involves risk, including the possible loss of principal. Before making any decision about money, taxes or your practice, talk with a professional who knows your full situation.