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You can rollover into a personal IRA. As long as you rollover like for like (Roth to Roth, for example) you won't see any tax liability change for the year
Rollover. More investment options
Sc1- thanks. Yep, that's what my financial planner told me at the time, hence what I did. The fun part was discovering the money post grad school and rolling them together like an adult. Been at D 2 years and have $35k saved for retirement in my 401k here. Woohoo!
You absolutely CAN roll a traditional 401k into a Roth IRA. (Roth conversion)
And NO, there are no "penalties" for doing so.
You will however, have to pay income tax as a result of the conversion BUT, you have to pay income tax regardless of Traditional or Roth. (Roth on the front end, traditional on the back)
If you choose to do the conversion, the income tax owed will be due as part of your annual tax filing. Easy do! 👍🏼
D1, you can roll from same to same. If you want to switch regular (pre tax) to roth (post tax), you pay taxes.
I left mine in the 401k until I got a job post-grad school then I rolled them into one
^
My 401k wasn't Roth so I couldn't roll it into my Roth IRA without tax penalties. Explored that option at the time@
You can roll it into a traditional IRA
A1- but not a Roth, right? (Legit not sure. This was a long time ago and would be interested to know the right answer)
Very interesting
Hmm so the general consensus is to roll over to ira?
Are you going to do loans for grad school and if so how much are you anticipating?
If you're going to school, then your tax bracket is lower (unless part time that year) - so if you do want to convert to a Roth that would be the right time for it