The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing


Subject:  Re: Simple question about 401k-to-IRA conversion Date:  2/24/2011  2:08 AM
Author:  0x6a74 Number:  68533 of 81338

1) Do I pay taxes on this rollover?

2) Do I have to even acknowledge this rollover in my taxes?

3) Will I still be able to take a loan on this money, or does the rollover to the IRA make this impossible?

no *

no *

and NO! **

* have the new custodian (broker) handle the transfer, if the 401(k) cuts a check to YOU ,they may take withholding which you should get back when you do your taxes

** and pretty sure that when you leave a company, you can no longer borrow from that 401(k) .... i can't recall any advantage to not rolling over.
Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us