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New Member
posted Apr 24, 2020 12:57:01 PM

I need to rollover 2 accounts : Roth 401k -> Roth IRA 401k -> Traditional IRA Can I make both of these changes within a tax year?

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4 Replies
Level 15
Apr 24, 2020 1:00:32 PM

Yes.  They are independent of each other if your 401(k) plan permits.

New Member
Apr 24, 2020 1:02:24 PM

Also, how do I report these rollovers? If I change them to accounts with similar tax bases is there any tax liability? 

Level 15
Apr 24, 2020 1:09:00 PM

You will receive 1099-R form from the plan administrator to report.  If it is direst trustee-to-trustee rollover (as it should be) the 1099-R will have a code G on box 7.

 

Like kind rollovers [401(k) Roth to Roth IRA, and Traditional 401(k) to Traditional IRA  are tax free.

Level 15
Apr 24, 2020 2:35:30 PM

The Form 1099-R reporting the direct rollover from the Roth 401(k) to the Roth IRA would have code H.  The one for the direct rollover of the traditional 401(k) to traditional IRA would have code G.