When converting an old 401(k), keep in mind:
- If you are required to take a required minimum distribution (RMD) in the year you convert to an IRA, you must do so before converting to a Roth IRA.
- You'll owe taxes on the amount of pretax assets you roll over.
- Note that if you have assets in a Designated Roth Account (i.e., Roth 401k) and would like to roll these to an IRA, you can only roll these assets over into a Roth IRA.
