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Message
re: Tax question.....regarding traditional IRA
Posted on 2/4/13 at 8:41 am to Broke
Posted on 2/4/13 at 8:41 am to Broke
Thanks
It looks like either way switching to a ROTH is going to be my best bet because I'll be contributing to current company 401K in July after I'm eligible (1 year mark)
Next question: the traditional ROTH I have is a rollover account that has my old 401K in it. If I switch to a ROTH is that going to have tax consequences on that rollover amount?
It looks like either way switching to a ROTH is going to be my best bet because I'll be contributing to current company 401K in July after I'm eligible (1 year mark)
Next question: the traditional ROTH I have is a rollover account that has my old 401K in it. If I switch to a ROTH is that going to have tax consequences on that rollover amount?
1
Posted on 2/4/13 at 8:44 am to Powerman
quote:
the traditional ROTH
There is no such thing as a traditional Roth. It's either traditional or Roth. If it's old 401k money then it's a traditional IRA. Unless it was a Roth 401k that the money came from (highly doubt it). If you switch that to a Roth you will have tax consequences on the entire amount. Again, unless it was a Roth 401K.
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