- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
So, I was referring to the IRS instructions for "Rollovers to multiple destinations". See below. Basically, I don't want to keep the IRA. Just take all money out into the 401k and Roth IRA and be done with it.
From https://www.irs.gov/retirement-plans/rollovers-of-after-tax-contributions-in-retirement-plans
Rollovers to multiple destinations
Distributions sent to multiple destinations at the same time are treated as a single distribution for allocating pretax and after-tax amounts (Notice 2014-54 PDF). This means you can roll over all your pretax amounts to a traditional IRA or retirement plan and all your after-tax amounts to a different destination, such as a Roth IRA.
Example: You withdraw $100,000 from your plan, $80,000 in pretax amounts and $20,000 in after-tax amounts. You may request:
• A direct rollover of $80,000 in pretax amounts to a traditional (non-Roth) IRA or a pretax account in another plan,
• A direct rollover of $10,000 in after-tax amounts to a Roth IRA, and
• A distribution of $10,000 in after-tax amounts to yourself.