I’m attempting to rollover about $50,000 of 401(k) dollars from an old employer account to a Fidelity 401(k). The PO Box fidelity uses for direct rollovers is apparently swamped because they keep not receiving the check. My new plan is to get the disbursement check mailed to myself personally, deposit it in my personal checking account, and then overnight a personal check to Fidelity (not to the PO Box). As long as I don’t hold the distribution for more than 60 days, is there any issue with this approach?

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meamemg t1_j6nzhko wrote on January 31, 2023 at 6:02 PM

That should work. Technically it is as long as it is less than 60 days from the check being cut to the check being deposited.

Better approach though would be to get the old 401k to make out the check still to Fidelity, but mail it to you. You can then overnight it to Fidelity. That way if it gets a problem again, there is still no 60 day clock. Or get the old 401k to overnight it. But the old 401k might not cooperate with either approach.

Levertki1 t1_j6o8ktg wrote on January 31, 2023 at 6:57 PM

If you get a 1099r, even if it has a g in box 7, include on next years taxes. Taxable amount will be $0, but don’t ignore.

Levertki1 t1_j6o8dwf wrote on January 31, 2023 at 6:56 PM

Pay the $25 fedex fee from originating 401k to go directly to the fidelity and have check titled Your new 401k company for the benefit of you.

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Upset-North-2211 t1_j6od4cg wrote on January 31, 2023 at 7:26 PM

You probably will not be able to directly deposit a DIrect Rollover check into a personal account. This check should be made out to “Fidelity Investments- FBO “your name” IRA. If you get a check made out to you alone, your 401k custodian should code this a full distribution and try to withhold taxes. Getting this fixed is a pain, why subject yourself to this risk?

Send the check USPS certified mail with tracking and return receipt requested. You will have full documentation of the received status of the check at Fidelity.

Upset-North-2211 t1_j6odfe2 wrote on January 31, 2023 at 7:28 PM

Poster is right get the check sent to you coded as a Direct Rollover, then send it on to Fidelity as above. Don’t sign the back, Fidelity will stamp it correctly before depositing.