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re: Switching jobs and 401k question
Posted on 5/19/15 at 4:53 pm to Hawkeye95
Posted on 5/19/15 at 4:53 pm to Hawkeye95
Going to hijack. I have two old 401k's with combined $40k in them...should I roll them into my current employer's 401k or setup a Traditional IRA.
My wife and I's combined income doesn't allow for any deductions on IRA or Roth contributions.
My wife and I's combined income doesn't allow for any deductions on IRA or Roth contributions.
1
Posted on 5/19/15 at 5:52 pm to kennypowers816
Thanks Kenny powers!
I'm probably going to roll it into a Roth IRA. I don't make that much now and i will probably be making more. I'm about to be 30 but I want a fund with more risk right now so I will probably go with your second option.
1 more question please... Will the tax money come out of the amount I deposit? Or will I have to fork over some cash? I have $7133 to roll over
I'm probably going to roll it into a Roth IRA. I don't make that much now and i will probably be making more. I'm about to be 30 but I want a fund with more risk right now so I will probably go with your second option.
1 more question please... Will the tax money come out of the amount I deposit? Or will I have to fork over some cash? I have $7133 to roll over
Posted on 5/19/15 at 6:19 pm to 337tigergirl
Sorry tigergirl, not trying to hijack but have a similar question. Am I able to roll over funds from my current employers 401k to a Roth IRA?
Posted on 5/19/15 at 6:44 pm to Golfer
quote:
Going to hijack. I have two old 401k's with combined $40k in them...should I roll them into my current employer's 401k or setup a Traditional IRA.
I would do a traditional IRA.
Posted on 5/19/15 at 8:43 pm to 337tigergirl
I haven't done a rollover myself so I can't say with any certainty, but I would think vanguard (or most other brokerages) would withhold a portion of the rollover for you. I wouldn't hesitate to call vanguard (or whoever you decide to use) to see if they will withhold for you.
I just found this link which may be helpful to read through but I'm not sure if it definitively answers your question because it's not relative to a specific firm: LINK
For what's it's worth, if you can afford it, I would personally try to roll over the entire $7k and try to pay the taxes out of pocket. It shouldn't be more than ~$2000 but could be a good bit less. I know that's not pocket change but if you can afford it, every little bit in those retirement accounts will help.
I just found this link which may be helpful to read through but I'm not sure if it definitively answers your question because it's not relative to a specific firm: LINK
For what's it's worth, if you can afford it, I would personally try to roll over the entire $7k and try to pay the taxes out of pocket. It shouldn't be more than ~$2000 but could be a good bit less. I know that's not pocket change but if you can afford it, every little bit in those retirement accounts will help.
Posted on 5/20/15 at 7:52 am to kennypowers816
I just did this recently. I opted to have it roll into my Roth IRA. Fidelity gave me the option for them to withhold the tax or not. I chose not to have it withheld. I will just pay additional estimated taxes on it throughout the year. Hope that helps. 
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