Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: SanDiegoJay Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Roth Rollover Date: 10/3/1997 1:04 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have money in a qualifying pension plan which I would likr to rollover to a Roth IRA. This is not a 401(k). It's a retirement plan where all monies have been contributed by my former employer. If I rollover this pension money to a conventional IRA, there are no taxes to be paid provided I have the check made out to the company I open the conventional IRA with. If I rollover this pension to a Roth IRA, do the same tax considerations apply?
Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 454 of 121219
Subject: Re: Roth Rollover Date: 10/3/1997 1:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
<<I have money in a qualifying pension plan which I would likr to rollover to a Roth IRA. This is not a 401(k). It's a retirement plan where all monies have been contributed by my former employer. If I rollover this pension money to a conventional IRA, there are no taxes to be paid provided I have the check made out to the company I open the conventional IRA with. If I rollover this pension to a Roth IRA, do the same tax considerations apply? >>

I'm not entirely clear about the type of funds you are talking about. If you are currently employed, it is very unlikely that you can "roll over" your existing retirement funds into any IRA. Period.

Anyway, the Roth rollover rules are very clear: the rollover must come from an existing IRA. So somehow you have to get the funds (assuming that you are legally allowed to move the funds) into an IRA...and THEN make the rollover to the Roth IRA.

TMF Taxes
Roy

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement