Rollover from 401K to an IRA

[anonymous777]

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.  

[VolvoGirl]

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.

[Bsch4477]

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. 

[Mike9241]

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