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re: Transferring 401k to IRA
Posted on 1/26/17 at 6:28 pm to pcolatiger28
Posted on 1/26/17 at 6:28 pm to pcolatiger28
If you "roll" a 401k into an IRA, it is a non-taxable non-penalized event.
If you then take the money out of the IRA, you will pay a 10% penalty plus income tax.
The 401k and the IRA are "qualified" retirement accounts. As long as the money stays in such, you're good.
If you then take the money out of the IRA, you will pay a 10% penalty plus income tax.
The 401k and the IRA are "qualified" retirement accounts. As long as the money stays in such, you're good.
2
Posted on 1/26/17 at 6:29 pm to Shepherd88
quote:
The 401k and the IRA are "qualified" retirement accounts. As long as the money stays in such, you're good.
yep. call the place you are transferring too, they will eagerly help you do it.
Posted on 1/26/17 at 6:31 pm to Shepherd88
I was told, could have been bad information, that if I cashed it out of an IRA, I could defer the tax until the following year so 2018. If it doesn't allow that then wouldn't I just cash out the 401k and move on? I'm trying to avoid the immediate tax and just pay the penalty. Obviously the tax will come due, just hoping to defer a year. Thanks
This post was edited on 1/26/17 at 6:32 pm
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