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re: Paying taxes on a 401K in plan Roth IRA conversion. (converting stock to Roth)
Posted on 2/20/13 at 12:38 pm to Siderophore
Posted on 2/20/13 at 12:38 pm to Siderophore
Is there a way to spread the tax hit out over a few years?
3
Posted on 2/20/13 at 1:59 pm to BOSCEAUX
Bump
Posted on 2/20/13 at 2:59 pm to BOSCEAUX
I don't think so anymore.
Not after the fact when you made the distribution.
Your only hope is maybe if it was distrubuted within the past 60 days, take it out of the Roth and into an IRA but I don't know if it is possible for the amounts we are talking here even then.
Probably best leaving it in the Roth and tightening the belt for the tax hit. The 401k servicer probably withheld 20% for tax purposes anyway.
And learn your lesson of why you shouldn't do ANYTHING with your nest egg before fully researching the scenario and the pros and cons of the decision.
Not after the fact when you made the distribution.
Your only hope is maybe if it was distrubuted within the past 60 days, take it out of the Roth and into an IRA but I don't know if it is possible for the amounts we are talking here even then.
Probably best leaving it in the Roth and tightening the belt for the tax hit. The 401k servicer probably withheld 20% for tax purposes anyway.
And learn your lesson of why you shouldn't do ANYTHING with your nest egg before fully researching the scenario and the pros and cons of the decision.
Posted on 2/20/13 at 4:05 pm to BOSCEAUX
Is this with ING? I did the same thing and also thought you could withdraw it if you wanted. I found out after I did the conversion that you can only make a "hardship withdrawal." I was under the impression that mine was earnings from my 401k and that the conversion was tax free. I wasn't able to convert any of my previous pre-tax contributions. I guess I need to look into mine and make sure.
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