Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
parisrosaries
Level 2

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. 

1 Best answer

Accepted Solutions
Opus 17
Level 15

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.)

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

4 Replies
Opus 17
Level 15

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.)

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
parisrosaries
Level 2

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!

Critter-3
Level 15

Can I rollover IRA again?

None.

Opus 17
Level 15

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. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~