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I have a Roth 401K and I'm looking to roll it over to a Roth…

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Hi, I have a...

Hi, I have a Roth 401K and I'm looking to roll it over to a Roth IRA are there any tax implications?

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I made the first contribution to the account in 2011

Submitted: 7 months ago.Category: Tax
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10/6/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,861
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

No, I would suggest a Direct Rollover. Because a distribution from a designated Roth account consists of both pre-tax money (earnings on the Roth contributions) and basis (Roth contributions), it must be rolled over into a designated Roth account in another plan through a direct rollover. If the distribution is made directly to you and then rolled over within 60 days, the basis portion cannot be rolled over to another designated Roth account, but can be rolled over into a Roth IRA.

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Customer reply replied 7 months ago
Still confused.
Okay, so if the Rollover is performed by a the new IRA company, is that okay?
I don't plan on depositing any of the Roth 401K money into my accounts.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Yes, that would be a direct rollover. There is no tax for you and not a problem with the 5 year rule.

I am credited when you rate in a positive way.

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