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I am 64 and considering rolling over my 401K to a Roth IRA. is this a good idea and what are the sticking points? The 401K amount is $500k can i pay the taxes out of the 401K money? are there tax consequences...

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Hi, i am a complete investment novice and i was simply wondering which IRA, Roth IRA or 401K would be most beneficial for me.... I am currently 22 years old and i am a full time nursing student. i will receive my bsn by...

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Submitted 370 days ago...

Freshet274

New User (1)

How do you calculate taxes coverting 401K to Roth IRA

I want to convert / rollover a 401K to a Roth IRA. How do you calculate the taxes? Are they due at time of conversion or when you file your tax return? Thank you!

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Answer 1 / 1 - Submitted 367 days ago...

Trove882

Brain (2,222)

The conversion to a Roth IRA means that the money taken out of the 401(k) ( or regular IRA) is treated as regular income in that year. The taxes are due at the time of filing. However, if there will be a big tax bill because of this, then you will be required to file quarterly estimated taxes.

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