401K to IRA Limits
I have a 401K and a IRA. I have just turned 60 and want to withdraw my 401K and place it into an existing IRA. Is there a limitation as to how much I can place in the IRA?? Im wondering if The IRA limit of 7000 dollar a year comes into play here?
As a side note I still will be funding my workplace 401K
Permalink Submitted by Alan - IRA critic on Sat, 2020-09-12 14:49
There is no limit for rollover contributions to an IRA. The rollover amount does not affect your regular contribution limit of 7000. Many plans will allow those who are still working and have reached 59.5 to do these rollovers, but there are a few plan that do not.
Permalink Submitted by Gavin Hodge on Sun, 2020-09-13 09:19
Thank you Alan, I do appreciate it!All the best!