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re: Transferring 401k to IRA
Posted on 1/26/17 at 6:39 pm to Shepherd88
Posted on 1/26/17 at 6:39 pm to Shepherd88
Thank you. So I can do this with either a 401k or IRA? I was only going to transfer it to an IRA as I was told I could defer the tax when cashing in the 401k. Again, could be bad information.
2
Posted on 1/26/17 at 7:14 pm to pcolatiger28
I'd make sure that's what the 401k co tells you as well and insure you won't get a 1099-r until 2018 but yea that's how I presume it would go down since you'd be cashing the plan out in 2017.
Posted on 1/26/17 at 10:22 pm to pcolatiger28
OP why do you keep using the word "cashing out"?
I'm no expert and this, and more knowledgeable posters can chime in but my understanding is that as long as she has her company's 401k account manager transfer the funds to the IRA there won't be any tax due or penalties. You will receive a couple of forms that you will file, but it won't have any impact on your taxes.
Now if you want to use those funds for a backdoor ROTH IRA, then that is a different story. And if you expect her to be out of work for a while this year, I would look into this since you will have a lower combined income (less taxes).
I'm no expert and this, and more knowledgeable posters can chime in but my understanding is that as long as she has her company's 401k account manager transfer the funds to the IRA there won't be any tax due or penalties. You will receive a couple of forms that you will file, but it won't have any impact on your taxes.
Now if you want to use those funds for a backdoor ROTH IRA, then that is a different story. And if you expect her to be out of work for a while this year, I would look into this since you will have a lower combined income (less taxes).
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