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MissJones
I need a nap!
Member since 5/05 22137 total posts
Name:
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Has anyone rolled a 401K into something independent?
DH left his job and wants to roll over his 401K but his new job doesn't offer one so what can he do independanly without being taxed?
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Posted 7/17/06 1:27 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Has anyone rolled a 401K into something independent?
Yes a Roth IRA.My Dh's best friend did it for me he's a financial planner let me know if you want his info
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| Posted 7/17/06 1:28 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Has anyone rolled a 401K into something independent?
I rolled my old one into a citibank 401K and started another one at citibank
talk to the finacnical advisor at your bank- they can help
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| Posted 7/17/06 1:36 PM |
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LadyMaravilla
Fall Is Here
Member since 5/05 12023 total posts
Name:
Sonia
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Re: Has anyone rolled a 401K into something independent?
If you have insurance with let's say State Farm, they also write IRA's or annuities. There are different venues you can use for this money to be accessible in the future. 
Message edited 7/17/2006 1:40:50 PM.
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| Posted 7/17/06 1:40 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Has anyone rolled a 401K into something independent?
Yep-in fact just getting the last 401(k) rolled as we speak.
Talk to anybody at your bank.
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| Posted 7/17/06 1:41 PM |
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MissJones
I need a nap!
Member since 5/05 22137 total posts
Name:
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Re: Has anyone rolled a 401K into something independent?
Thank you so much to you guys!! 
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| Posted 7/17/06 1:47 PM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: Has anyone rolled a 401K into something independent?
you can roll a 401k into a regular IRA without any tax consequences.
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| Posted 7/17/06 1:50 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Has anyone rolled a 401K into something independent?
A roth IRA
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| Posted 7/17/06 2:00 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Has anyone rolled a 401K into something independent?
Posted by Laura1976
you can roll a 401k into a regular IRA without any tax consequences.
Exactly. To roll into a Roth you would actually have to roll in in to a Traditional IRA and then do a conversion. You would be responsible for income tax on any pretaxed dollars and earnings for the tax year you make the conversion. Most people don't do this.
Make sure you request a "Direct Rollover" as this usually doesn't result in any tax reporting.
FM me if you have any other questions, I'll be happy to help.
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| Posted 7/17/06 2:03 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Has anyone rolled a 401K into something independent?
Posted by shamrock12472
Posted by Laura1976
you can roll a 401k into a regular IRA without any tax consequences.
Exactly. To roll into a Roth you would actually have to roll in in to a Traditional IRA and then do a conversion. You would be responsible for income tax on any pretaxed dollars and earnings for the tax year you make the conversion. Most people don't do this.
Make sure you request a "Direct Rollover" as this usually doesn't result in any tax reporting.
FM me if you have any other questions, I'll be happy to help.
This is true...you can't do a Roth, unless you first roll it to a Traditional IRA, and then do a conversion. Sometimes it's not worth it to do all that. Just put it in a Roth...I believe you can get some really good rates right now.
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| Posted 7/17/06 4:18 PM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: Has anyone rolled a 401K into something independent?
Roth IRA here as well
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| Posted 7/18/06 9:15 AM |
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