I understand there is a new law that will allow you to transfer a 401k to a Roth IRA in 2008. Can you also transfer a 403b? Are there any tax consequences the year you make the transfer?
2006-12-22 07:19:48 · 2 answers · asked by Robert J 1 in Business & Finance ➔ Taxes ➔ United States
Assuming the entire amount in the 401k is pre-tax as most are, the value of the 401k will be subject to income tax.
Currently, you must transfer a 401k in to a conduit Tradional IRA first and then convert the Tradtional to a Roth. The new rule just removes the need for the conduit IRA. The tax consequences remain the same. Also, keep in mind, to get your money out of the 401k or 403b, generally you need to quit the job (or be fired).
2006-12-22 07:30:14 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
you may roll a like product right into a like product with out incurring any taxes, yet you've a time decrease of 60 days and it really is more desirable you've the corporation do the shifting truly than you're taking possession of the money at any time
2016-10-16 21:12:52 · answer #2 · answered by ? 4 · 0⤊ 0⤋