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Old 11-17-2012, 07:17 AM #1
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Join Date: Oct 2002
Location: Logansport/Culver, IN
 has been a member for 10 years
Rollover or withdraw 401k money

Hello all, just a quick question for you guys.

I have $600 dollars in my old employers 401k plan. Yah, I know, small potatoes. Thats why I'm thinking about just taking the penalty and then depositing it in my ING Roth IRA.

I have read that I can't roll it directly to a Roth. I would have to set up a traditional IRA to use as the go-between. But, for $600 dollars I dont know that this would be worth it?

I'm 25. I didnt know if someone could give me a guesstimate at the penalty amount we are talking? At the old employer I made 27000 a year, at my current job I make 29000. If that matters.

I appreciate the help! I just dont wanna hassle with setting up a traditional IRA to save 20 bucks, ya know?
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Old 11-21-2012, 02:03 PM #2
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Join Date: Jun 2006
Location: Dallas, TX
Why would you want to pay tax on money that already resides in a tax deferred account? Roll it to an IRA and keep it tax deferred.
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Old 05-15-2014, 08:58 AM #3
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I agree with blueshifty, keeping the money as tax deferred as possible will probably prove most beneficial especially considering it will already be taxed
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Old 07-02-2014, 10:53 AM #4
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Your new employer might even let you roll it into their 401k plan. You should explore that as an option as well.
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