Rollover a 401k into a Self-Directed Roth IRA?
I left my last job and I had a 401k with ,000 vested. Can I roll this amount into a Self-Directed Roth IRA? I’m not worried about penalties. I cannot find any information on this topic.
Tags: 401(k), last job, self directed roth ira
July 1st, 2010 at 4:08 am
Log on to Fidelity or E*trade get a number, talk to a rep…I know Fidelity handles almost the whole thing.( Tell ‘em who’s got your money, they’ll go get it.)
If you want to go into a ROTH…you will have to pay taxes, but it shouldn’t make that much difference..BUT it sure will when you start withdrawing!! Pay the piper…get the ROTH.
July 1st, 2010 at 4:08 am
A roth ira, you pay the taxes first , then can take the money out long term tax free.
A regular ira you don’t pay the taxes first, and you get the money out at a later time tax free.
Your 401k was a tax free start, so you don’t want a roth roll over, you want a self directed regular ira, and yes you want to roll it over because you will have more choices especially if your current 401k has big fees.
July 1st, 2010 at 4:08 am
It depends on what you want to do, and what you can handle right now. If you’re relatively young, you could roll this into a Roth IRA, and pay taxes and penalties (taxes plus 10% or so, so 38-45%) and let it continue to grow tax free.
Or you could roll it over into a standard IRA and the government will not access any taxes or penalties.
Do NOT accept a check from the company. There are strict rules as to what is considered a roll over and what is considered cashing out.
If you do not have an idea where you’re going to move your IRA to yet, I highly recommend Fidelity.com as they do not have annual IRA fees.
July 1st, 2010 at 4:08 am
can’t roll it over. You can take a cash distribution and then make a contribution to your Roth with the proceeds. Smarter move would be to simply roll it over into a traditional IRA and then begin making after-tax contributions to a ROTH IRA. You’ll save 10% or $200. And the delay in making contributions monthly versus making the $1,400 contribution lump sum (that’s all you’ll have left) will be minimal.
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