|
 May I move Roth 401(k) assets from my 401(k) plan to a Roth IRA?
 You may roll over, either directly or indirectly, eligible distributions consisting of Roth 401(k) or Roth 403(b) assets to your Roth IRA. This rollover is tax-free.
If I roll over my Roth 401(k) assets to a Roth IRA, who is responsible for tracking the taxable and nontaxable amounts of the rollover?
You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If a nonqualified distribution is rolled over from a Roth 401(k) or Roth 403(b) to a Roth IRA, the nontaxable and taxable rollover amounts must still be tracked. If a qualified distribution from a Roth 401(k) or Roth 403(b) is rolled over, the entire amount of the rollover contribution is considered basis in the Roth IRA and may need to be tracked.
May I move my Roth IRA from the current trustee to another financial organization?
May Roth IRA assets be rolled over to an employer sponsored retirement plan?
No. Distributions from your Roth IRA are not eligible for rollover to an employer sponsored retirement plan.
What is the difference between an IRA-to-IRA rollover and an IRA-to-IRA transfer?
An IRA-to-IRA rollover is when you withdraw all or part of the amounts in your Roth IRA and then reinvest those amounts within 60 days into the same or another Roth IRA. There are, however, restrictions on IRA-to-IRA rollovers. You may only roll over one distribution from each Roth IRA every 12 months. You also cannot make a tax-free rollover of any amount distributed within the same 12-month period, from the IRA into which you made the tax-free rollover. The 12-month waiting period begins on the date you receive the Roth IRA distribution, not on the date you roll it over into a Roth IRA.
Alternatively, you may move your Roth IRA from one custodian/trustee to a Roth IRA maintained by another custodian/trustee by requesting a direct transfer. Federal law does not limit the number of transfers you may make during any year.
Are military death payments eligible to be rolled over to a Roth IRA?
Eligible death payments including military death gratuities and SGLI payments, which are death benefits under the Servicemembers' Group Life Insurance Program, may be rolled over, tax-free into a Roth IRA. These rollovers are not subject to any existing rollover or contribution rules. However, these payments, which can be as high as $100,000 for the death gratuity and $400,000 for the insurance payment, must be completed within one year of the date on which the payment is received.
|
