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401k Question
I am leaving my job and I am not getting another one any time soon. I want to get money into tax deferred accounts. Is there any way to get money into a 401k when you don't have a job?
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#2
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Re: 401k Question
You can roll it into a traditional IRA which is the same thing.
(I think.) |
#3
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Re: 401k Question
Traditional IRAs and Roth IRAs still require earned income.
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#4
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Re: 401k Question
set up a roth IRA and you should be able to transfer your entire 401k there without getting hit by taxes i believe
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#5
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Re: 401k Question
No. You can't contribute to a 401k without income.
You can roll that over into a traditional IRA where the answer is still no. You need earned income to contribute to an IRA. You're going to have to work to do it. |
#6
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Re: 401k Question
You may want to look into a SEP-IRA. I am self-employed and just set one up. There were no questions about my income. Contributions to a SEP are treated basically like a 401(k).
Give Vanguard, Fidelity, or another reputable mutual fund company a call and ask for some advice. I invest with Vanguard and they were very helpful. |
#7
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Re: 401k Question
Isn't there a cap on IRA's?
OP how much is in your 401(k)? |
#8
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Re: 401k Question
[ QUOTE ]
set up a roth IRA and you should be able to transfer your entire 401k there without getting hit by taxes i believe [/ QUOTE ] This is wrong, money that goes into, or gets converted into, a Roth IRA is always post-tax money. He can do a conversion to a Rollover IRA, then to a Traditional IRA, without having a job, but in order to make future contributions, he needs earned income. |
#9
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Re: 401k Question
[ QUOTE ]
Isn't there a cap on IRA's? OP how much is in your 401(k)? [/ QUOTE ] Not for rollovers. The cap on Contributions to the IRA for those under 50 is $4k this year. This only affects Contributions, not Conversions (rollover money). My friend just converted like $17K into his Roth IRA this year. |
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