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Paying taxes on a 401K in plan Roth IRA conversion. (converting stock to Roth)
Posted on 2/20/13 at 10:15 am
Posted on 2/20/13 at 10:15 am
Did this to diversify a little bit and did not realize I would have to pay taxes on it if I did not pull the money out. I'm now told I cannot pull the money out even if I wanted to. (Yes I should have researched it more). Is there anyway to spread the taxes out on this over a few years or not pay them at all (legally of course). Also can someone tell me what I can expect the taxes to be on this, amount is 25K.
This post was edited on 2/20/13 at 10:16 am
1
Posted on 2/20/13 at 10:35 am to BOSCEAUX
Wait, what?
You are having to pay taxes on converting your Roth 401k to a standard Roth?
You mean on the whole amount?
Because the only post tax contributions are your own.
Employer contributions are pre tax and you'll have to pay taxes on that in the conversion.
But only the employer contribution. Not your own. As I understand it.
You are having to pay taxes on converting your Roth 401k to a standard Roth?
You mean on the whole amount?
Because the only post tax contributions are your own.
Employer contributions are pre tax and you'll have to pay taxes on that in the conversion.
But only the employer contribution. Not your own. As I understand it.
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