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08-20-2021, 07:02 AM | #11161 | |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
Casino cash: $6771021
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Quote:
If it does that I’ll have my own island.
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Posts: 54,038
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08-20-2021, 10:46 AM | #11162 |
Mammoth penis
Join Date: May 2006
Location: Springfield
Casino cash: $7264386
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Posts: 11,434
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08-20-2021, 11:20 AM | #11163 |
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Join Date: Jan 2009
Casino cash: $835743
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Posts: 64,303
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08-20-2021, 11:31 AM | #11164 |
MVP
Join Date: Jan 2013
Casino cash: $125541
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Posts: 10,777
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08-20-2021, 11:42 AM | #11165 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
Casino cash: $6771021
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Posts: 54,038
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08-20-2021, 01:26 PM | #11166 |
MVP
Join Date: Sep 2005
Location: Austin,TX
Casino cash: $4697505
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MGM
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Posts: 11,901
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08-20-2021, 02:29 PM |
Hog's Gone Fishin |
This message has been deleted by Hog's Gone Fishin.
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08-21-2021, 06:35 PM | #11167 |
Mammoth penis
Join Date: May 2006
Location: Springfield
Casino cash: $7264386
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Are there any taxes/fees/penalties for rolling over a 401k into a Roth IRA?
The company I work for is being bought out by a much larger company. They said we cant contribute to 401k until we've been with the new company for a year. They gave us an option of rolling our existing 401k's to a new Roth IRA that they will set up, then once we're eligible can roll that money back over to their 401k program. But I just opened my own Roth recently so I figured I might as well dump it into that one. |
Posts: 11,434
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08-21-2021, 06:46 PM | #11168 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $376899
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Quote:
To your question, rolling a traditional into a Roth will incur taxes, but then your withdrawals won't be taxed. Rolling a traditional into a traditional won't incur any taxes since the taxation rules basically stay the same. |
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08-21-2021, 06:56 PM | #11169 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $664734
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Quote:
I don’t know for sure but I don’t think you get the additional benifits roth gets you on the 401k basis. It’s not a huge deal and you’re sure not the only person to do it. But it certainly adds complexity and makes retirement tax planning tougher. |
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Posts: 57,772
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08-21-2021, 07:02 PM | #11170 |
Mammoth penis
Join Date: May 2006
Location: Springfield
Casino cash: $7264386
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Ugh. So what are my other options if any? Can I just leave it alone and let it continue to grow based on whatever the market does without adding anything for a year then roll it over to the new company's 401k? I guess I could take out what I would be deducting and put it in my personal Roth instead. This shit is stressful, we've bought out multiple companies since I've been there but I've never been part of a company that was bought out by someone else.
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Posts: 11,434
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08-21-2021, 07:05 PM | #11171 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $376899
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Quote:
Whoever you have your Roth with can help you with the process. They're always more than happy to help you give them more of your money. |
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Posts: 52,386
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08-21-2021, 07:06 PM | #11172 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $376899
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Quote:
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Posts: 52,386
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08-21-2021, 07:08 PM | #11173 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $664734
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Quote:
A traditional IRA will have similar rules, and you can deduct the contributions (6,000 annual limit, much lower than a 401K). The simplest is probably leave the money where its at and donate to your roth. But you don't get to deduct contributions (if you're needing that or if it even matters) Second simplist is open a Traditional and roll it there and put your contributions there. Toughest is rolling it to a Roth. |
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Posts: 57,772
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08-21-2021, 07:25 PM | #11174 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $664734
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Quote:
Rules might have changed. Idk. I’ll yield if you talked to Schwab. |
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Posts: 57,772
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08-21-2021, 09:14 PM | #11175 |
Banned
Join Date: Jan 2013
Casino cash: $9998560
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What stocks should I invest in GTAV? Everything sucks for me and I'm blowing through cash sniping from tall buildings.
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Posts: 53,803
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