recently quit my job, over the past 4 yrs i contributed 30k, however the current value is only 24k. if i convert do i pay taxes on the 30k or the 24k?
Archive for the ‘401k Rollover Tax’ Category
401K Rollover into IRA?
12
Apr
I am no where near retirement, but I have $105K in my old 401K I’d like to rollover into a self directed IRA. Now $5K of that $105 is considered “after tax”. So I should be able to rollover $100K into the IRA, and keep $5K for a shopping spree, without incurring any taxes or early widthdraw fees. Am I missing something? Only quality answers, please.
My job is holding my 401k rollover checks due to a “glitch” in the their new 401k plan,….more?
11
Apr
if the required 60 day rollover to avoid 20% penalty tax expires, what are my options? I am meeting with the administrator monday morning to discuss this unforeseen situation.
Can I claim any current losses as I rollover a 401K to a Trad IRA in 2009, and into a Roth in 2010?
10
Apr
So let’s say I have a cost basis of $100K in my 401K now worth $60K. In addition I have $10K in cost basis in a non-deductible traditional IRA now worth $6K. I’d like to rollover my 401K to an IRA now, giving me $66K of assets in an IRA. And in 2010, I’d like to move it all into a Roth IRA.
I figure I’d need to pay income tax on $100K (pre-tax 401K earnings) in 2010, but would there be a reduction on this due to the 40K of losses? So pay income taxes on only $60K? In addition, could the $4K of losses in my non-deductible IRA further reduce this taxable amount to $54K?
In general, how would this whole thing work?
I want to rollover my 401k cause I recently left a company but I still have 2 outstanding loans?
10
Apr
I have 2 loans i took from the 401k . Will they get paid off from the balance of my 401k when I roll over? Will i get taxed?
401K- Rollover or withdrawal?
09
Apr
I just recently got laid off from my job of 6 years. I invested in the companies 401K program and I see I have a nice amount saved in my 401k account. Since I am no longer an employee what should I do with this money. Right now im kinda ok on my feet but I know after the holidays come around im going to be broke and its hard to find a job in the mortgage industry. I kinda want to take the rest of the year off anyway. Should I pull out and take the 20% cut the feds will take. Should I rollover to an IRA (Whatever that is) or should I invest it in some other account? Im confused and need suggestions before I make the calls to the 401k people and my tax man.
No I already have a 401K.
How can I rollover my Roth 401K from my old firm to my new firm’s traditional 401K plan?
08
Apr
I have a personal choice retirement account with Schwab that’s 20% Roth 401K and 80% Traditional 401K. I recently switch jobs and my new firm does not offer the Roth 401K. What are the consequences of rolling over? Can I recharacterize my Roth 401K as a traditional 401K and get back a larger tax refund?
Thanks for your help.
I have a personal choice retirement account with Schwab that’s 20% Roth 401K and 80% Traditional 401K. I recently switch jobs and my new firm does not offer the Roth 401K. What are the consequences of rolling over? Can I recharacterize my Roth 401K as a traditional 401K and get back a larger tax refund?
Thanks for your help.
And yes, there is such a thing called a Roth 401K and I am not confusing an IRA w/ a 401K.
Will I be able to claim a capital loss when I rollover my 401K?
07
Apr
I recently left my job. I would like to rollover my 401K to my IRA but the value has declined around 40%. If I roll it over, will I be able to claim a capital loss for my taxes next year?
I swithed the job and rolled over my 401K $ to my new employer. WIill I have tax liability this year?
06
Apr
I sold off all assets and did a direct rollover to 3rd party IRA. Will I have to pay tax on capital gain now? I am assuming not since gains on 401K are tax-deferred. Any other ideas?
401k rollover to roth ira?
05
Apr
if someone wants to roll overtheir 401k into a roth ira?
if someone wants to rollover their 401k into a roth ira their pretaxed 401k money will have to be turned into after taxed money durring the rollover to the roth ira. Is this money going to be taxed at the normal income tax rate for the individual so if you are in a 15% tax bracket would it be taxed at 15%. Or is it going to be claimed as ordinary income at the end of the year and taxed accordingly, in which case would be 50,000 salary plus 120,000 rollover would equal a taxable income of 170,000 which would equal a 35% tax bracket.
The money needs to be put in a roth ira because the preffered tax deffered retirement vehicle is a matching 401k so a traditional ira is not a option as the 401k will be kept to receive the employer contribution
what about a 2008 401k rollover to a roth ira?
04
Apr
in 2008 rolled over $60000 from a 401k to a roth ira, what taxes are due in 2008 and at what rate ? 1 post said there is a 10 % penalty also .i doubt this applies.can the tax due be taken from the rolled over assets without penalty ? not likely i would think
What are the tax implications of transferring money from 401K into Self Directed IRA?
03
Apr
I am looking to perform a rollover or transfer from my 401k into a self-directed IRA. I was wondering what, if any, tax implications I would be facing. Additionally, once that money hits the IRA I am looking to use those funds to start up a general contracting business building residential properties. Once again, I’d like to avoid tax penalties if possible, and I was curious to know whether or not taking the money from the IRA to use for my business would be considered a taxable event, or whether these transactions are tax-deferred or tax free. I’d appreciate thorough responses only please. Thank you!
When I rollover my company 401k, can I receive any of the post-tax contribution I made?
02
Apr
I worked for a company that unexpectedly sold to another company. I am now working for the new company. The transition was three weeks ago. I am 57 years old. In addition to adjusting to the new management, I have been trying to gather information and make decisions about my old 401k and my pension. I’ve been looking for a Financial Advisor, but since I only have $50,000 in my 401k it has been difficult to find someone who will work with such a small amount. I have three questions. First, how long can I leave my 401k with the plan administrator of my former employer? Second, can I receive any of the post-tax money I contributed to my 401k? Third, is there any way I can distribute any of the 401k money now or in the near future to my children?
401K rollover to Traditional IRA or Roth IRA? Which is better?
01
Apr
I have 10K in my 401K. I tend to roll it over to Roth, taxed once and never again, since only 4000 per year contribution is allowed, I can only rollover 10K this year 4000 and then next year 5000 and the rest, bit by bit? is that right? And I have to rolloever to a rollover IRA first right? Sincce I can only contribute 4000 or 5000 per year, the growth is not as large as if I have a larger lump sum compare to traditional. Unless I know by the time I retire, I am in a lower tax bracket… then traditional is good? I am confused, or maybe either turns out to be the same? I know traditional is tax deductable, Roth you can take the contributions out penalty free after 5 years. I read motley fool example and they said Roth is a bit better, but now I’m not sure. let’s just say, I can pay the tax now if I move it to Roth, but still, I can’t roll it all at once, correct?