Can you rollover your old 401k to a Roth IRA in one fell swoop? We get this question all the time here at jazz wealth and today we will talk about the process of rolling over a 401k to an IRA or Roth IRA and what you should consider.
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After rolling over 401k to traditional Ira, then can you transfer part of that money to Roth IRA? And is there a waiting period?
If I transfer the money from the rollover to roth IRA in April 2022 before the tax day, does the amount consider my 2021 income or 2022?
I just rollover my 401k to IRA. So when is the best time to convert or long I can convert to Roth?
Can you roll a IRA into a 401k?
Great video
this video is a gem sir! I was definitely about to convert my whole rollover to a roth. Thank you for this!
Ok. I have 2 old 401k's. 1 403b with around $1,500 and a 401k with much more. I know I can but "SHOULD I" roll them into a Roth or into my new 401k?
So the taxes on going from a 401k to a Roth is determined by what tax bracket you are in?
Within the last 6 months or so I didn’t know what I was doing and I rolled over a traditional 401k from a short term job($10,000) to a rollover IRA and then moved that money into a Roth IRA(did not pay any taxes at the time) I have since contributed about $2000 after tax dollars from my paychecks to this ROTH IRA. When tax season rolls around will my my brokerage firm give me a form to pay taxes on that $10,000 from my 401k? Will I end up having to pay taxes on the $2000 after-tax I put in since then. So I have both pre-tax and post-tax money sitting in the same IRA. Im young and messed up and before these accounts grow anymore I want to get this all squared away. Any help please? Thank you.
You saved me from making a huge mistake. Thank you I
What if you are being told that you can't keep your 401K because you are no longer employed by previous employer and you have to transfer your full amount at once?
Well, last year, you absolutely could with 0 penalties.
For several years I contributed to a Traditional IRA, but I wasn't able to deduct the contributions from my taxes because my household income exceeded the AGI limits to qualify for the deduction. So I already paid income taxes on a substantial part of those Traditional IRA contributions. If I now roll the Trad IRA to a Roth IRA, would I be taxed on those contributions once again?
Question: In 2020, I did a 401K conversion to a Roth IRA. I understand I need to pay taxes on the amount I moved over. I also did a backdoor ROTH IRA as well for $6K. My question is, do I pay taxes only on the 401K conversion to Roth IRA or do I need to pay taxes on both the 401K conversion as well as the backdoor ROTH IRA.
How much can you convert from Roller IRA to Roth IRA? Or its up to you and you just got to pay the taxes?
Why would anyone bother converting a Roth 401(k) to a Roth IRA? The only benefit I see is perhaps having different investment options than what is offered under the 401(k) plan.
I recently rolled over a small amount of money from an old 401k directly into a new Roth IRA. Both the 401k and and the new Roth IRA are managed by Fidelity. Fidelity paused the transaction until I spoke to a live representative and they could verify that I was fully aware that the transaction would be a taxable event for me and that I would be able to deal with the tax implications. I believe some 401k plans don't allow partial distributions. In that case you would want to use the intermediate Rollover IRA to hold the pre-tax funds until you were ready to pay taxes on them. This was unnecessary in my case because they allowed a relatively small partial distribution that I was fully prepared to pay taxes on. Also, all the funds in that 401k were all pre-tax so I didn't have to worry about the 2 check pre and post tax scenario.
If you go (401k > ira > roth ira [you still pay taxes here]) or if you go (401k> roth ira[you also pay taxes here]). Is there an advantage to either method as they'll both end up in the roth.
Very helpful
Or perhaps if someone has a substantial 401(k) and/or already rolled an old 401(k) into your current one, i wonder if it would make sense to roll 75-80% into a Roth IRA, but keep a balance in the 401(k) because (a) still contributing, so want to keep it open, and (b) in case you need/want to take a 401(k) loan out, you’ll need a balance in there.
How can you take your 401(k) into a rollover IRA and then convert it to a Roth IRA if you have already maxed out your annual Roth limitations? Does this conversion to Roth not count towards your annual Roth limits?
This was awesome. Summarized everything I have been looking to learn in less time than anyone else could present it. Thanks!