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re: Old 401k - what to do with it?
Posted on 1/23/13 at 6:08 pm to Vols&Shaft83
Posted on 1/23/13 at 6:08 pm to Vols&Shaft83
quote:
Probably better to just move to a traditional ira, and start a Roth Separately.
In the middle of processing the paperwork and I see that my old 401k has the option to withhold income tax from this rollover if I choose to move it to a Roth...
Would that change your mind? I'd have to get more details on how that happens, but it sounds like I wouldn't have to come out of pocket for the taxes
1
Posted on 1/24/13 at 9:06 am to Lsut81
quote:
has the option to withhold income tax from this rollover if I choose to move it to a Roth...
Nevermind, it was as I suspected, the $$$ that they withhold for taxes would be assessed a 10% penalty because it would be seen as a cash payout.
Guessing its better to stick with the original plan and roll it to an IRA and then open a separate Roth and fund it out of my savings/checking.
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