Can I transfer 401k money that was invested on an after tax basis directly to a ROTH IRA? If not I'll be paying tax twice. | 401k Questions

Question

Asked 10/28/2008

Can I transfer 401k money that was invested on an after tax basis directly to a ROTH IRA? If not I'll be paying tax twice.

401k is from a past employer. I invested in the 401k post tax money. If I move the money to a regular IRA and then transfer the money from the IRA to a ROTH IRA I will taxed twice.

Share | Abuse

Post Response

Answers

Answer 1/2 - Submitted 12/14/2010

There are a few products that allow you to roll over 401k funds. If avoiding paying taxes is whats important, tax never products are availabe. A ROTH IRA is good but you know that max is only 5K and there is a penalty for going over that amount.

Share | Abuse

Answer 2/2 - Submitted 12/28/2010

I assume you are referring to a Roth 401k. A Roth 401k can be rolled over into a Roth IRA after you leave your employer. The best way to do this is to contact an online brokerage such as Schwab. They will be happy to do all of the paperwork for you and the transfer should go smoothly.

Share | Abuse

Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

401K Related Topics

Related Questions (Ask a New Question)

Can i rollover $30k of after-tax money from a prior employer 401k to a roth ira?

I have both after tax and pre tax money in a prior employer 401k. i would like to move the pre-tax money to an existing rollover ira. instead of moving the after tax money to a taxable brokerage account i want to move it to a roth ira. can i move $30k of after-tax money to a roth ira without violating...

See Answers

Can extra post tax money from a 401 be moved into a roth ira

My company closed and i need to move my 401k to my new employer. my former employer only allowed up to a certain percentage of your income to be invested pretax but allowed post taxed monies to be invested beyond that percentage. can that post taxed money be moved to an existing roth ira. would there...

See Answers

Can i transfer my rmd from my 401k into my roth ira after paying the tax? i am 70-1/2 this year.

See Answers

Related Questions

Can i rollover $30k of after-tax money from a prior employer 401k to a roth ira?

I have both after tax and pre tax money in a prior employer 401k. i would like to move the...

See Answers

Can extra post tax money from a 401 be moved into a roth ira

My company closed and i need to move my 401k to my new employer. my former employer only...

See Answers

Can i transfer my rmd from my 401k into my roth ira after paying the tax? i am 70-1/2 this year.

Can i transfer my rmd from my 401k into my roth ira after paying the tax? i am 70-1/2 this...

See Answers

401k rollover to roth ira with agi limit

I have a 401k from a previous employer that i want to convert into a roth ira. unfortunately...

See Answers

Can i pay max on both tax deferred and roth ira?

I am not eligible for my company's 401k until i've been employeed there for one year....

See Answers

What are the rules and tax consequences of rolling over a 401k to a roth ira?

I recently changed jobs and will be rolling over my 401k from the past employer to either...

See Answers

See more 401k questions

Advertise on this Site