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Can I rollover IRA again?
I have a Rollover IRA account I opened years ago (rolled over 401k from an older job).
I just left another job in 2021 and wanted to rollover my 401k funds from this previous job into my current Rollover IRA account. Is there anything I need to consider that would affect taxes? Is it ok to rollover multiple 401ks into the same Rollover IRA account?
I don't have a traditional IRA or a Roth IRA.
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Can I rollover IRA again?
Yes, you can add new rollover money from your 2021 job into the IRA.
You DO have a traditional IRA (assuming your 401k was pre-tax). There's nothing different about a rollover IRA except the original source of the money, which doesn't matter for most purposes. (For some purposes, like bankruptcy, it may be advantageous to keep IRA funds from a workplace rollover separate from IRA funds from personal contributions. But for taxes, it doesn't matter. An IRA is an IRA.)
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Can I rollover IRA again?
Yes, you can add new rollover money from your 2021 job into the IRA.
You DO have a traditional IRA (assuming your 401k was pre-tax). There's nothing different about a rollover IRA except the original source of the money, which doesn't matter for most purposes. (For some purposes, like bankruptcy, it may be advantageous to keep IRA funds from a workplace rollover separate from IRA funds from personal contributions. But for taxes, it doesn't matter. An IRA is an IRA.)
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Can I rollover IRA again?
Thank you for explaining, I always get a little confused! To clarify, are there any tax implications for rolling over another pre-tax 401k into the same IRA?
Thanks again!
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Can I rollover IRA again?
None.
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Can I rollover IRA again?
@parisrosaries wrote:
Thank you for explaining, I always get a little confused! To clarify, are there any tax implications for rolling over another pre-tax 401k into the same IRA?
Thanks again!
Any traditional IRA (pre-tax) can receive rollover funds from a pre-tax 401(k) or from another pre-tax IRA without tax consequences.
When you roll over workplace funds into an IRA, it is not necessary to keep funds from different workplaces in separate IRAs.
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