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I am pretty sure that the 401(k) -> Trad IRA -> Roth IRA is the only way you can do that.

However, it is my opinion that you would only want to do something like that if you really didn't have much in the 401(k) to begin with (depending on your situation, less than 5,000-10,000 dollars). The taxes generated now for anything above that would cripple your compound earnings at this point, potentially offsetting perceived future benefits. Why not just leave the money in the T.IRA (get one that is self-directed) and invest it for the long term in whatever stocks you think will net you the best non-taxable returns.

Good luck, and happy (stock) hunting.
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