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#1
01-20-2004, 06:49 AM
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 Re: 401(k) ---> Rollover IRA ---> Roth IRA "EthanJay" <isabellafung[at]hotmail.com> wrote: - quote - > My questions:
You would not owe any tax at all with those figures.> 1) What type of documentation will I be getting from my > mutual fund company that processed the conversion? > 2) Am I expected to pay for the taxes out of my own pocket? > Or will I be getting a check from the mutual fund company? bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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01-16-2004, 06:01 AM
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| Re: 401(k) ---> Rollover IRA ---> Roth IRA "EthanJay" <isabellafung[at]hotmail.com> wrote: - quote - > My questions:
You should get a 1099-R from your 401k custodian, and this> 1) What type of documentation will I be getting from my > mutual fund company that processed the conversion? will be reported on Line 16a as a nontaxable ROLLOVER. Line 16b will be -0- You should receive a 1099-R from the IRA custodian, reporting the amount withdrawn for the Roth conversion. This is reported on Line 15a and 15b as taxable income. About May, you will receive a form 5498 from the Roth IRA custodian, showing the conversion to a Roth IRA. This is for information only. - quote - > 2) Am I expected to pay for the taxes out of my own pocket?
You can pay the taxes on the conversion from other funds,> Or will I be getting a check from the mutual fund company? thereby rolling the entire traditional IRA into a Roth IRA. OR you can withdraw enough from the traditional IRA to fund the Roth IRA AND pay the taxes of conversion. In this latter case, you will owe taxes and a 10% early withdrawal penalty on the amount not converted to a Roth. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-15-2004, 05:04 AM
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| 401(k) ---> Rollover IRA ---> Roth IRA My questions: 1) What type of documentation will I be getting from my mutual fund company that processed the conversion? 2) Am I expected to pay for the taxes out of my own pocket? Or will I be getting a check from the mutual fund company? Thank you. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| >, 401k, ira, rollover, roth |
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