Hello k_coley!
Any retirement account converted to a Roth will be taxed at the time of conversion. When the money is later distributed from the Roth for retirement, it is tax-free.
Generally, you can roll-over any retirement account into another retirement account when you leave the employer, but you can no longer contribute to that plan because you no longer work there. Please check with your broker to see if after the rollover, you can contribute to the account.
The 401(k) with your former employer can be left in that account, if the employer permits this, or you can open a rollover retirement account and move the funds in there. Be sure to open a retirement account to avoid characterization of the funds as a distribution.
I hope this is helpful!
OpeA1
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