I rolled the money over inside the same company like closing a cheking account at my bank and reopening a new checking account with the same bank. How is this going to effect me with the IRS will I have to fill additional paper work out when making out my taxes?
2006-11-21 11:39:10 · 2 answers · asked by mikef1234 3 in Business & Finance ➔ Investing
If you rolled it into a new 401K or IRA account you don't need to do anything else, as you should not be taxed on anything. If you withdre any funds however before the roll over, then you will need to report it on your tax return,
2006-11-21 11:45:08 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
If you rolled your money into an IRA then you don't have to be taxed on it. if you rolled your money into a Roth Ira, then you will be taxed now but not later (the difference of being taxed on $60,000 now instead of being taxed on $600,000 later).
2006-11-21 21:19:48 · answer #2 · answered by gregory_dittman 7 · 0⤊ 0⤋