IRA to 401k
Can I move my IRA’s to my 401k Roth Profit Sharing Plan? I am currently employed with the company that has my 401k Roth Profit Sharing Plan. I do not have earned income just distributions.
Can I move my IRA’s to my 401k Roth Profit Sharing Plan? I am currently employed with the company that has my 401k Roth Profit Sharing Plan. I do not have earned income just distributions.
Permalink Submitted by Alan - IRA critic on Mon, 2015-08-17 19:34
You cannot do this directly. But if you have TIRA accounts, your plan may accept IRA rollovers of pre tax IRA money. Once these amounts are in the pre tax portion of your 401k plan, if the plan offers IRRs (in plan Roth rollovers), you could roll these pre tax dollars into the Roth portion of the plan. But that would be taxable, and you cannot recharacterize an IRR if your rollover loses money or if you do not like the tax bill this will produce. It would be much simpler and less risky to just convert your TIRA to a Roth IRA. How is it that you are employed, but do not have any earned income?
Permalink Submitted by Rose Robins on Thu, 2015-09-03 16:42
only getting distributions
Permalink Submitted by Alan - IRA critic on Thu, 2015-09-03 19:34
You said that you were currently employed with the sponsor of the Roth 401k. That does not square with having no earned income. Did you mean your NOT still employed there? If you are no longer an active employee, it is unlikely that the plan would accept an IRA rollover.