Timothy Sumer

In today’s video, we’re discussing what you need to know regarding the tax implications of these rollovers... Links Mentioned In Video: 401(k) Rollover Guide Popular 401(k) Videos 🔴 401k Losing Money??? [What To Do NOW] : 🔴 #1 401k rollover Mistake to Avoid: 🔴 How to Read a 401k Statement: 🔴 Why you Should Care About Your 401k? [Must Watch]: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips So, what are the tax implications of 401(k) rollovers: Taxes ARE due on every withdrawal from your 401(k). This will be counted as normal income in the year you withdraw the funds. Taxes ARE NOT due on a DIRECT rollover from your 401(k) to an IRA account. Since the funds transfer from custodian to custodian, there will be no tax consequences. Taxes ARE WITHHELD from EVERY INDIRECT rollover of 20%. An indirect rollover is when the custodian sends you the rollover check, and you have 60

In this video, we’re answering questions we’ve received about rolling over a 401k into an IRA – whether it’s a traditional or Roth IRA. ➡️ Must-watch video: Should I Stop Funding My Retirement Right Now? ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Check out our site for more tips Between mass layoffs and people quitting or changing jobs, there are a lot of people looking to rollover their old 401ks to IRAs. And, with that comes questions about the best way to do it without screwing yourself with penalties and taxes. Intro 00:41 Direct vs Indirect Rollover 02:00 401k Rollover to Traditional IRA Taxes 03:38 401k Rollover to Roth IRA 04:38 Getting a 401k Rollover Check in the Mail 06:30 401k Rollover to IRA Count as Contribution? 07:05 When Not to Rollover 401k... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Back