Five questions I need to ask the experts here.
1. 401K is a pretax retirement account similar to a Traditional IRA account . Why people talk about converting his 401K to Traditional IRA Account when both work the same?
2. I retired on12/2020 from a local government with a buyout and $70K is only due for payment by the end of this year (2021). I have already rolled over all my 457 retirement account to a Rollover IRA Account in SCHWAB. If I get my W2 form for the $70K, can I contribute the maximum to my Rollover IRA for 2021 and also contribute $7,000 to ROTH?
3. The 60 days limit time frame for conversion. Does that mean I have 60 days to decide whether to contribute to IRA once I get the payout or not?
4. As I have retired, can I still contribute to ROTH and IRA if I get my W2 form for the $70K?
5. IRA conversion to ROTH. Does the 60 day limit means I can take my IRA distribution in 12/31/2021 and have another 60 days to decide to convert it to my ROTH IRA? Can I return the distribution if my AGI take me to a higher tax bracket?
Thanks
