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Can I convert a 401(k) to a Roth IRA?

Converting a 401 (k) to a Roth IRA is essentially the same process as rolling your 401 (k) funds over to a traditional IRA. However, there's the extra step of paying taxes on your converted funds since most 401 (k)s are taxed differently from Roth IRAs. First, make sure you're allowed to roll over your 401 (k) funds directly to a Roth IRA.

Will a 401(k) roll over to a Roth IRA?

So, when you roll over a traditional 401 (k) to a Roth IRA, you’ll owe income taxes on that money in the year when you make the switch. The total amount transferred will be taxed at your ordinary income rate, just like your salary. Tax brackets range from 10% to 37% for 2023, and 12% to 35% for 2024.

Will a 401(k) to Roth IRA conversion raise my tax bill?

401 (k) to Roth IRA conversions typically raise your tax bill unless you are rolling over funds from a Roth 401 (k). A Roth IRA conversion ladder is a popular strategy among early retirees who want to get around the IRS's early withdrawal penalty.

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