Submitted by bulls2030 t3_yhuvt4 in personalfinance
DeluxeXL t1_iuftele wrote
Reply to comment by bulls2030 in Question about 401k rollover to IRA and checks received by bulls2030
> I have a ROTH IRA account I was planning to rollover to. Is that okay?
Yes.
- Roth 401k --> Roth IRA: No tax.
- Traditional 401k --> Roth IRA: Amount rolled over is ordinary income in the calendar year of rollover.
Church42 t1_iuftz3p wrote
Traditional 401k should be put into a rollover (aka traditional) IRA. Otherwise OP will have to pay taxes
debbiewith2 t1_iugbb4u wrote
Over it’s in the traditional, OP can make decisions about how much, if any, to convert each year. Don’t forget to invest in each, OP.
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