If I rollover my 401K to a Roth IRA, will the amount I rollover count towards the max contribution limit for that year?
Will a 401K rollover to a Roth IRA count towards the max contrubution for that year for the IRA?
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- I have a 401k which I max out. How much can I put into a traditional IRA and a Roth IRA at the same time?
- If I am currently contributing 25% to my 401K at work, is it possible for me to also open a traditional IRA?
- Is it good idea to diversify some of my 401k into a separate traditional IRA?
- Roth IRA, Traditional IRA, OR 401K?
- Can I roll over my traditional IRA to a 401k without tax penalties?
- when am I allowed to roll a traditional ira over into an existing 401k ?
- When switching jobs, where is it best to put your 401k…in new employer’s 401k, a traditional IRA or a ROTH??
- Is there any tax penalty to roll over my 401k to a traditional IRA?
- How can I consolidate my Traditional IRA, Simple IRA, and 401k accounts (setup when I worked for 4 companies)?
- Can I roll-over a 401k into either my traditional IRA or my Roth IRA?
- Can I have a 401K and a traditional IRA?
- Can I participate in a 401K and a traditional IRA simultaneously?
- Traditional IRA after 401k maxed out?
- Should I roll my 401K from my soon-to-be previous employer into a traditional IRA?
- My employer has no type of 401k plan, can you contribute to both an existing traditional IRA and a Roth IRA?
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Consultleu
April 18, 2010 at 6:32 pm
Nope, it won’t count towards the max contribution limit for that year for the IRA. Just remember that by current laws you have to rollover your 401k into a Traditional IRA first and then to a Roth IRA. Good luck!
tarnefar
April 18, 2010 at 7:32 pm
First if you rollover a 401k to Roth IRA you would be responsible for taxes not paid + taxes on interest from the 401k. If you roll it into a regular IRA it does not count against your current years contribution max (since this was really previous contributions) nor would you have to pay taxes.