If you leave your company and have a 401k, can it be rolled over to a Roth IRA?

Answer 1

PLEASE READ THIS IRS PUBLICATION FOR FULL DETAILS

http://www.irs.gov/publications/p590/index.html

No. You must roll your savings to a Traditional IRA first. Then you can convert the Traditional IRA to a Roth IRA if you meet the eligibility requirements. Don't forget, you'll owe taxes on some or the entire amount you are converting to a Roth.
Details on eligibility to convert a traditional IRA to a Roth IRA can be found at this site
http://www.fairmark.com/rothira/eligible.htm

Answer 2

I believe there is a new rule that allows you to roll a 401k directly in to a Roth. In the past, it was a 2 step process: 401k => Traditional IRA and then Tradtional IRA=> Roth IRA.

Remember though, the balance of the 401k will be taxable your next tax return. There will not be a penatly, but the entire balance will be taxed.

Answer 3

yes you can...to make things easier for you, contact the mutual fund company of choice...preferably vanguard or fidelity and tell them you want to transfer your 401k to an ira..they will assist you in every step of the way..i have done this before through vanguard and they did it all for me

Answer 4

I work @ the IRS.....
and yes it can. We do that when we seperate from the Federal Govt so we don't get penalized.

Answer 5

yes