topic Rollover from 401K to an IRA in Deductions & credits

Rollover from 401K to an IRA

anonymous777 — Mon, 09 Mar 2026 04:34:37 GMT

I am 63 years old and plan to retire this December. I quit my previous company and still carried their 401K plan. The problem is my brokerage company is going to charge me about $100 for the administrative expense every quarter. To avoid this type of fees, I want to rollover to the IRA account. Would you recommend me to roll over to a Roth IRA or Traditional IRA? How do I fill out Turbo Tax for rollover? Thank you.

Re: Rollover from 401K to an IRA

VolvoGirl — Tue, 01 Mar 2022 04:34:11 GMT

You need to roll it over to a Traditional IRA. To a ROTH IRA would be 100% taxable. You will get a 1099R from the 401K for it. You have to report it but it won't be taxable.

Re: Rollover from 401K to an IRA

Bsch4477 — Tue, 01 Mar 2022 04:37:44 GMT

You can do a direct transfer to a traditional IRA with no tax consequences. But you will pay income tax when you withdraw funds . If you roll into a Roth you will pay taxes on the entire amount immediately but subsequent withdrawals are not taxed. In either case the only interaction with TurboTax is reporting on your return a 1099-R that your financial institution gives you when there are withdrawals. We do not give financial advice since we don’t know your complete financial situation and goals.

Re: Rollover from 401K to an IRA

Mike9241 — Tue, 01 Mar 2022 06:14:41 GMT

you really need to look at the long-term picture. conversion to a Roth would result in immediate taxation but if you don't the RMDS from your IRA may result in some of your social security benefits becoming taxable. this is a situation where there is no one right answer for everyone. you may want to consult a financial planner