If you co-sign you are legally responsible for the rent, if you don’t take steps to ENSURE that the other party WILL pay (e.g., taking possession of the funds in the savings account as a guarantee for the life of the lease) you will be liable and then at their mercy in any emergency situation.

All it takes is a minor car accident they can’t afford to wipe out that savings account and now you owe the entirety of the rent just to keep your sibling from being kicked out. Your family WILL use this as leverage in that situation and “promise to pay you back” if you can even afford it, the other option is you both get sued.

Don’t consign anything you don’t have both the intention and rock solid ability to pay in full.

Will check as soon as I'm able. The company closed in May of last year; presumably any transaction relating to the account would have occurred in that timeframe.

What is in box 7 of the 1099-R?

How long ago did the transaction occur?

If your sibling cannot pay, YOU would be on the hook for the rent. Also this will show on your credit report.

This should be a wake up call to take care of adult responsibilities… like reading your mail. Good luck.

Edit: ONE YEAR AGO you posted asking what to do. The top comment literally told you to take care of your 401k and you ignored it.

My long term employer is likely closing their doors in a couple months; is there anything I should do to prepare/make sure I have all my employment history and loose ends covered? https://reddit.com/r/personalfinance/comments/rcopt3/my_long_term_employer_is_likely_closing_their/

Will do, I found it grabbing the mail on my way out the door so I haven't had a chance to do much else yet or see what they sent me previously.

I'm a landlord and I have had a situation where a sister co-signed for her brother who then failed to pay so I pursued her for the financial obligations she agreed to which was the point of her co-signing...to give me an outlet in the event her brother failed to pay. That's what you're agreeing to.

My first home was a townhome. It was the right choice and perfect fit for me as a first time home owner. In my opinion, looking at what you get with the HOA is super important. I didn’t have a huge emergency fund, so the fact that the outside stuff, like the roof, wasn’t my responsibility, was a huge relief. Home maintenance can really add up. It was also great because the yard work was also part of the HOA, which saved me from having to invest in yard equipment. HOA dues can and will go up. Eventually mine went up so high it no longer made any sense for me to stay there, when looking at the cost of a SFH. I was there 7 years and by that time had fixed some stuff up and had significant equity that I was able to sell and purchase a nice SFH.

Never mind. I found it. It is only for AMX card holders.

Is there a code or link to the sign on bonus? I don't see it on their website.

This post is a bit off-topic here, but we would like to help you learn about investing!

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So... you've been working for 2 decades and you didn't open a financial document from the company who MANAGED YOUR RETIREMENT PLAN because you thought you didn't have to do anything?

Worst case scenario: That letter contained a check for the balance of your 401(k). You had 60 days to roll it over into something like a traditional IRA - now you owe 10% of the balance of your 401(k) in taxes.

Exactly.

There is no such thing as a cosigner (legally). There are only signers.

Got it, thank you! This seems like a good option.

Dude, you’re old enough to have worked for two decades. It’s time to start opening and READING your mail. I know it’s mostly J. Crew catalogs, but there is also some important stuff in there (like a paper check representing the entirety of your retirement account balance).

You will owe the rent on the apartment if sibling cannot pay it.

What does the 1099 say? Is it a 1099-R? Talk to Voya. Why have a panic attack without all the information?

> Have not gone through all my old mail yet.

I'm a bit befuddled that you posted to Reddit rather than actually finding what you received from Voya.

If the plan was closed, it's entirely possible they sent you a check with the entire contents of the 401(k). In that case you had 60 days to roll it into another plan, such as an IRA. If you failed to do that, you may very well be out of luck and on the hook for the taxes.

But for goodness sake go open that paperwork and see precisely what they did.

Something like this?

http://www.lazyportfolioetf.com/sp-500-sector-returns/

Or this

https://novelinvestor.com/sector-performance/

I love using the Visual Capitalist charts if you can understand them! It can be overwhelming though. I bet your dad is right though!

https://www.visualcapitalist.com/best-and-worst-performing-us-stock-market-sectors-2022/#:~:text=2022%20was%20the%20worst%20year,to%20cover%20in%20this%20section.

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Call Voya and see what they did. If they cut you a check, you need to endorse it and send it to the new provider.

It would be abnormal to convert that account. By default, it’s left with the provider except for very small balances.

Also read the mail you were sent. You’ll need to inform the IRS that you are rolling over this amount to either an IRA or your new 401k.

You may find these links helpful:

• "How to handle $"
• Investing

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The act of rolling over from IRA to 401k is not subject to pro rata rule. However, do not roll over after-tax balance from IRA to 401k.

If all of your traditional IRAs are 100% pretax now, you can roll all of them over to 401k. Then you can do a clean backdoor Roth.

On the other hand, if you already made, for example, a $6k nondeductible contribution, roll over all but the $6k to 401k. (Sell all investments first so the account value stops fluctuating.)

Basically treat this as if you are moving into the apartment and signing the lease by yourself. Same consequences. Shouldn't have any affect on you as long as your sibling pays and doesn't owe anything to them at the end.