Converting 401k to a Roth IRA?

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TresBelle65
Posts: 170
Joined: Sun Apr 12, 2015 2:44 pm

Converting 401k to a Roth IRA?

Post by TresBelle65 » Fri Nov 15, 2019 10:54 am

I am a federal employee retiring in the first quarter of 2020. My 2020 income will be very low.

My understanding is that this would be a good time to covert part of my 401k (TSP) to my Roth IRA (I have a Roth IRA already).

Could someone point me to a resource for the mechanics of doing this, tracking it, accounting for it for tax records, etc.?

Thank you

Silk McCue
Posts: 3402
Joined: Thu Feb 25, 2016 7:11 pm

Re: Converting 401k to a Roth IRA?

Post by Silk McCue » Fri Nov 15, 2019 11:49 am

We have a Wiki for this subject. Please review.

https://www.bogleheads.org/wiki/Roth_IRA_conversion

After reading please come back and ask specific questions.

Cheers

Topic Author
TresBelle65
Posts: 170
Joined: Sun Apr 12, 2015 2:44 pm

Re: Converting 401k to a Roth IRA?

Post by TresBelle65 » Fri Nov 15, 2019 4:07 pm

Thank you. I understand the general nature of the transactions and purpose, looks like I need to focus is on how it will work with my 401k - as opposed to a T-IRA and how much per year, but it looks like that will be an annual calculation in the future...

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