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Rollover 401k to roth

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  • Rollover 401k to roth

    I am currently a resident with an employer 401k. I also fully maxed my Roth for the yr. However, 401k is pre-tax and I am in the lowest tax bracket of my life. That said, can I roll over that money into my Roth now, even though I already maxed out for the year? I rather pay taxes now than later.

    I know this sounds dumb but if I am to decrease my tax burden, I should pay taxes now that I make resident salary.

  • #2
    rare plans allow in plan Roth rollover of pretax plan assets. you should read the plan description to see if that is available

    you can't rollover employee deferral contributions to an IRA or Roth IRA while you're still employed

    does your plan have a Roth deferral option? you should consider that next year. Too late if you already maxed out 2019 contributions

     

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    • #3
      My employer 401k has no Roth deferral option and my employer doesn't offer Roth 401k .

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      • #4
        My question now is, can I open my own Roth 401 k at a bank and then roll over what I contributed?

        Definitely trying to turn that $ into post tax.

        Anything else you guys can thing of?

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        • #5
          "Anything else you guys can thing of?"

          Covert it to a Roth when you graduate and take a job somewhere else. With only half of year of attending income, you'll still be in a relatively low bracket.

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          • #6
            Thanks ZZZ. Not bad advice. Much appreciated.

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            • #7
              please dont start a new thread on the same topic:

              https://www.whitecoatinvestor.com/forums/topic/question-about-roll-over-401k/

               

              your question was already answered there.

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              • #8
                @Peds, I didn't want to bump an old thread and wanted some fresh insight to see if others had another idea. Anyhow, my bad. It won't happen again.

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