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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 2:59 pm to BOSCEAUX
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.
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