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Pitfalls when converting old 401k to IRA?
Posted on 12/22/15 at 11:34 am
Posted on 12/22/15 at 11:34 am
I've got an old 401k that I need to convert to an IRA, both with Vanguard. Are there ANY risks to doing this? My main concern is that my wife and I both have employer-sponsored plans and we make more than the $118k limit for deducting IRA contributions. As long as we aren't contributing there should be no tax effect from the rollover itself right?
6
Posted on 12/22/15 at 12:25 pm to sneakytiger
Correct. It is a rollover and not a contribution.
Posted on 12/22/15 at 12:43 pm to sneakytiger
Can u put 118 thousand into an IRA from a 401k all at once?
Posted on 12/22/15 at 12:45 pm to jeffsdad
quote:
Can u put 118 thousand into an IRA from a 401k all at once?
yes. You will get some scary looking tax documents. But don't worry about that.
Posted on 12/22/15 at 12:47 pm to jeffsdad
Yes, you can roll any amount of money from a 401(k) into an IRA as a rollover.
Posted on 12/22/15 at 12:49 pm to sneakytiger
Just make sure you do the paperwork right and it should go smoothly
Posted on 12/22/15 at 2:07 pm to sneakytiger
Vanguard did mine and was very easy. Call them they will talk you through it. They probably do hundreds (or more) of these a day.
Posted on 12/22/15 at 3:03 pm to sneakytiger
(no message)
This post was edited on 12/21/21 at 10:11 am
Posted on 12/22/15 at 3:10 pm to sneakytiger
Backdooring a Traditional IRA to a ROTH will pretty much be gone as well due to taxes.
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