I have a regular 401k that I want to roll over to my new Roth IRA. Is there any thing I should know before I do this? tax wise!

posted

Connect with an expert

1 Best answer

Accepted Solutions

Yes. The entire rollover will be taxable. There will not be an early withdrawal penalty, however.

Once the money is in a Roth and taxes paid, the account will grow tax-free if withdrawn after age 59.5.

1 Reply

Yes. The entire rollover will be taxable. There will not be an early withdrawal penalty, however.

Once the money is in a Roth and taxes paid, the account will grow tax-free if withdrawn after age 59.5.

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Unlock tailored help options in your account.