401K transfer

bluecollarguy · ‎October 25, 2023

Hi, I have a 401k at work and i just turned 60. I would like to move the money in that to a traditional IRA that i have. would i have to pay taxes on that or can it be moved tax free? The 401K people said that i would have to pay taxes if i moved it.

John-H2021 · ‎October 25, 2023

Hello

If you do a direct rollover, custodian to custodian then there will be no tax implication for you

If you do an indirect rollover, custodian to you to new custodian, and it gets completed within 60 days and no taxes are withheld then there are no tax implications.

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John-H2021 · ‎October 25, 2023

Hello

If you do a direct rollover, custodian to custodian then there will be no tax implication for you

If you do an indirect rollover, custodian to you to new custodian, and it gets completed within 60 days and no taxes are withheld then there are no tax implications.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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