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re: Old 401k - what to do with it?
Posted on 1/21/13 at 2:25 pm to Lsut81
Posted on 1/21/13 at 2:25 pm to Lsut81
quote:
What are your feelings on rolling an old employer 401k worth about $26k over?
IRA or Roth?
Posted earlier by Foshizzle
quote:
Going from a 401 to a Roth isn't actually a rollover, the technical term is "recharacterization" and you have to pay tax on the amount being recharacterized. You can rollover directly to a traditional IRA without paying taxes though, but of course you can't pull out the contribution early for those.
Probably better to just move to a traditional ira, and start a Roth Separately.
Posted on 1/21/13 at 2:29 pm to Vols&Shaft83
quote:
Probably better to just move to a traditional ira, and start a Roth Separately.
Thats the way I was leaning... Someone did the math and over 30yrs theres a minimal difference between the two when you figure in gains/taxes.
Posted on 1/23/13 at 6:08 pm to Vols&Shaft83
quote:
Probably better to just move to a traditional ira, and start a Roth Separately.
In the middle of processing the paperwork and I see that my old 401k has the option to withhold income tax from this rollover if I choose to move it to a Roth...
Would that change your mind? I'd have to get more details on how that happens, but it sounds like I wouldn't have to come out of pocket for the taxes
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