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re: State Retirement $$$ -> Rollover to Roth or Traditional IRA
Posted on 10/10/12 at 11:37 am to Sheep
Posted on 10/10/12 at 11:37 am to Sheep
If it is anything like the city's retirement, a transfer of funds to a traditional IRA is a non-taxable event, so there should be no ramifications. Taxes would be taken out if you transfer to a Roth. However, if you take a check written to you, you will receive a 10% early withdrawal penalty.
source: i work for the city's retirement office
source: i work for the city's retirement office
This post was edited on 10/10/12 at 11:40 am
1
Posted on 10/10/12 at 12:16 pm to Styxion
quote:
If it is anything like the city's retirement, a transfer of funds to a traditional IRA is a non-taxable event, so there should be no ramifications. Taxes would be taken out if you transfer to a Roth. However, if you take a check written to you, you will receive a 10% early withdrawal penalty.
source: i work for the city's retirement office
It's in TRSL. It's non-taxed money. I *assumed* that I would have to be taxed before putting it in a Roth, but wasn't certain.
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