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Get your taxes done using TurboTax
Hello and thank you for joining us today!
You can roll money from a traditional 401(k) into a rollover Roth IRA, but then you'd owe income tax on the money you rolled over. One main difference between a traditional or Roth IRA and a rollover IRA is that you can roll over as much money as you want into the rollover IRA.
Does my rollover count as a contribution?
No. It is considered separately from your annual contribution limit. So you can contribute additional money to your rollover IRA in the year you open it, up to your allowable contribution limit.
Resource link: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras#Rollovers%20and%20Roth%20C...
‎November 15, 2023
4:41 PM