I have a roth ira from my previous job but now I have a new job with a 401k that matches 80%. Can I roll my roth ira into the 401k? I've just been letting it sit there for now...
I have a roth ira from my previous job but now I have a new job with a 401k that matches 80%. Can I roll my roth ira into the 401k? I've just been letting it sit there for now...Roth IRAs have nothing to do with former employers. As far as I am aware, you cannot roll a Roth IRA into an employer plan of any flavor.The 80% match usually does not apply to money rolled into an employer plan from either a former employer's 401(k) or from a "conduit IRA" (a "rollover IRA" that was funded only by money from a previous employer's 401(k)), so the match is usually not a reason for rolling in money. The match usually applies only to money put into the employer's 401(k) from payroll deduction at that specific employer.
Even if you could, why would you want to roll a Roth IRA into a 401(k)?You've already paid all the taxes you're going to pay on the money in the Roth IRA.If you roll it into a 401(k), you've got to pay ordinary income taxes on the money when you take it out. Double taxation -- that you cause yourself. My recommendation: don't cause double taxation.
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