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company 401k to another Roth IRA.
Posted on 2/5/21 at 2:07 pm
Posted on 2/5/21 at 2:07 pm
I am looking at taking a job with a large company and closing my small business. I have never had a 401k but I do have my own Roth in Fidelity. One of the companies I have spoken to uses Fidelity as their 401k which would be great, the other uses Principal Financial but does offer a Roth option in the match.
Could I use the Roth option going to Principal and set it up to roll to my Fidelity Roth monthly or anything?
Could I use the Roth option going to Principal and set it up to roll to my Fidelity Roth monthly or anything?
3
Posted on 2/5/21 at 2:11 pm to Warfarer
quote:
Could I use the Roth option going to Principal and set it up to roll to my Fidelity Roth monthly or anything?
You’re not going to be able to move money out of the 401k into your old Roth until you leave that company.
Eta- won’t matter what company they use for the 401k.
This post was edited on 2/5/21 at 2:12 pm
Posted on 2/5/21 at 2:12 pm to Warfarer
Usually not. You cannot roll out of your 401k until you separate from service. Some will allow in-service rollovers once you have obtained a certain age, closer to retirement.
Posted on 2/5/21 at 2:17 pm to Warfarer
I'm dealing with something similar. I had a Roth IRA with company matching 401k at my previous job. I split the funds, and rolled the 401k funds into my new company (John Hancock to Voya). I rolled the Roth IRA into a separate Roth account. All I had to do was talk to my plan admin. to get the unenrollment paperwork. I spoke to my new plan admin with Voya and filled out rollover paperwork with them. Whole process took about a week to get the funds split and into each account.
Posted on 2/5/21 at 2:39 pm to slackster
OK. So my best bet for Roth would be to just continue capping it myself and using the match to do something else through that company then? What would be my best option for the 401k that I am matching into for 20 years of growth?
Posted on 2/5/21 at 3:09 pm to Warfarer
Can the company match go into a Roth account? I thought the match had be in the traditional 401K plan.
Posted on 2/5/21 at 3:19 pm to TigerintheNO
Their benefits sheet says that employees may contribute up to 18,500 per year. Company will match up to 4% of your compensation. In addition, a Roth plan is available that allows after tax contributions. Not sure it that means that the match is available to Roth or not but I assume so.
Also, a tax question about it. They have a vehicle lease back agreement. I buy a truck and pay for insurance and the payment, they give me a lease amount to cover expenses and they pay for gas. I assume that this money will be taxable to an extent, can I then write off the cost of the truck if I track milage or will 100% of the lease money be taxable?
Also, a tax question about it. They have a vehicle lease back agreement. I buy a truck and pay for insurance and the payment, they give me a lease amount to cover expenses and they pay for gas. I assume that this money will be taxable to an extent, can I then write off the cost of the truck if I track milage or will 100% of the lease money be taxable?
Posted on 2/5/21 at 3:33 pm to Warfarer
quote:
Their benefits sheet says that employees may contribute up to 18,500 per year. Company will match up to 4% of your compensation. In addition, a Roth plan is available that allows after tax contributions. Not sure it that means that the match is available to Roth or not but I assume so.
Company match will go into regular 401k regardless.
Posted on 2/5/21 at 3:40 pm to slackster
I appreciate all the input guys. I'm new to this type of stuff and am trying to do my homework to figure it out.
Posted on 2/5/21 at 3:44 pm to Warfarer
quote:
company 401k to another Roth IRA.
Their benefits sheet says that employees may contribute up to 18,500 per year. Company will match up to 4% of your compensation. In addition, a Roth plan is available that allows after tax contributions. Not sure it that means that the match is available to Roth or not but I assume so.
I would assume this means that the 401(k) plan allows for Roth contributions. Roth contributions would still be eligible for the match, the match is going to be made on a pre-tax basis though. 2021 contribution limits are 19.5k btw, maybe that benefits sheet is older and doesn't have updated limits?
Posted on 2/5/21 at 4:01 pm to TigerTalker142
Yeah, the sheet is an '18 sheet. He had a copy in his office and just gave it to me because the insurance prices were still current.
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