money from 401K for buying series I bonds

[bplunk145]

Hello,

I'm over 65. If I take $10000 out of a 401K and use it to buy $10000 series I bonds do I have to pay tax on the 10k or is it considered a rollover?

[SweetieJean]

It is not a rollover. You must claim it for tax purposes.

[PattiF]

You do need to pay tax on the $10,000. This will be considered as ordinary income, and is not a rollover.