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Started By
Message
re: Leaving a Company
Posted on 4/14/14 at 9:20 pm to ZereauxSum
Posted on 4/14/14 at 9:20 pm to ZereauxSum
quote:
Make sure you do a traditional (not Roth) IRA and the rollover won't be taxed as income.
It's pretty straight forward. Just make sure to take down contact info for your 401k plan administrator, set up your IRA with someone like Vanguard and contact the 401k administrator to move your money after you peace out.
Thanks! I already have an IRA, but it's a Roth IRA. Would it make sense to start a traditional IRA with this fund or declare it, tax it, and put it into the Roth IRA?
I'm 26 FWIW.
1
Posted on 4/14/14 at 9:30 pm to FootballNostradamus
Hmmmm....that's a tough call. Since the 401k is a nice chunk of money you might not want to take that tax hit this year. You might have to write a pretty big check next April.
I'm not sure if want to have 3 separate retirement accounts to keep up with so Id probably just roll it into the 401k, but like others have said, this will limit what you can do with the money.
I'm not sure if want to have 3 separate retirement accounts to keep up with so Id probably just roll it into the 401k, but like others have said, this will limit what you can do with the money.
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