So let’s say I go to a new job since the one I’m at is getting ready to remodel, can this 401K be transferred over now or is it too late since I got a letter in the mail saying if I do not request my distribution by March 8th, my account balance will be forced out of the plan?

> find a place that sells fractional happy meals.

The three fries must go somewhere, right?

https://www.reddit.com/r/personalfinance/wiki/commontopics

Your suggestion that I don't know what I'm talking about is comical based on your limited experience. My mortgage is on all four major credit bureaus reports as are all my credit card accounts. Not every credit agency is going to have exactly the same thing and they don't score things the same but your major accounts should be on your major Credit agencies reports. Why yours isn't I can't answer.

Good luck I hope you figure things out

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It depends on if your employer was contributing and, if so, whether or not that money was vested before you left

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Thank you. Yes, been reading up on that. What about straight cash vs financing and paying off in 30-90 days?

Your post provides no new data. You are likely to receive no new guidance.

It's not clear what your current situation is. Still a student? Working part time, okay, so what are you doing with the "other" time?

Why did the military "fall through?"

What did your university's financial aid office say?

Why does it feel like making payments on the loan not an option?

Yes, if you are doing the "bi-saver" plan which applies directly to the principle.

It can cut 7-8 years off a 30 year mortgage.

If they won’t answer, then I’d reach out to the help desk at brokerage where your 401k is

You asked what to do. And I would tell you to stop borrowing money. Do whatever you wish otherwise which means you keep the car. I can’t imagine you need to put that many miles on the car

I need money for bills/groceries, I’m pretty sure since I’m now “terminated” from that job I lose the money?

> And there are no real returns with I bonds, they literally preserve buying power. You save enough to buy a Happy Meal today and you'll have enough to buy a Happy Meal in 20 years.

Not entirely true. Series I Savings Bonds purchased during the current six-month period have a fixed rate of 0.4%, so in 20 years you'd have enough to buy about 1.08 happy meals.

Admittedly, it might be a challenge to find a place that sells fractional happy meals.

Where I live, the state sends your title shortly after paying off the car loan.

We actually did what u/2ReddYet is suggesting. Back in 2016, we had negotiated online to get the car I wanted. (They had to get it shipped from Japan because the exact configuration I wanted wasn't available in the US. And I wasn't in a hurry.)

WE get to the dealership...and there's a snafu. Apparently I hadn't told them I was expecting to write a check for the car (my first time!) So. I debated with myself and my wife for a minute or two, and then I asked two questions:

1. What's the minimum I have to finance to qualify for the incentive?
2. how soon can I pay off the loan and still qualify for the incentive?

I ended up financing about 1/3 of the price of the car (the minimum), and as soon as the first bill came in, I swooped in and paid off the loan in full. I paid $22 in interest to get that $500 financing incentive.

BUT... 2016 was a different market....and we bought new.

I would just buy it cash in your position, and did. Interest rates just aren't good enough to justify keeping the money invested right now. Just buy the truck cash and be happy. Just don't tell the dealership that until you are done negotiating. They make money on loans and you'll get a worse deal if they know they aren't getting that money up front.

Old job

To start with, check your account at irs.gov to see where the second payment was credited to. If they credited it as a 2022 tax payment, then yes, you'd report on line 26 of this years tax return and get it back now. If they credited it to 2021 then you will probably need to file an amended return for 2021 to claim it, but I'm not 100% sure on that.

Another good reason to not take out 401k money

Is your 401k through your new job or old job?

Why are you trying to cash out your 401k?

No, there is no way to account for that on this year's taxes. You will have to deal with contacting the IRS directly about last year's overpayment.

Edit: u/meamemg raises a good point that one of your payments last year may have been accidentally applied to the wrong tax year. In that case, if it was applied as a 2022 payment, you can claim that payment on your 2022 tax return. But if both were applied as 2021 payments, then you're back to contacting the IRS to straighten it out.