I appreciate your comments!Welcome to the forum.![:happy]( "smile")
I'm not sure that a rollover from your plan can be required to have withholding. Withdrawal? Yes. Rollover to IRA, I don't think so. I think you should ask them about this.
If your tax-deferred account is $4 million, you probably need to be considering doing Roth conversions of some each year to reduce the balance before RMDs. It is MUCH easier to convert from IRA to Roth IRA. So consider rolling over something like $1 million to IRA and do your conversions from there for a few years. Then roll over some more.
If you are using the ACA for health insurance, you will need to balance conversions with ACA subsidies.
Also, can you still put money into an HSA when retired?
The required 20% minimum federal tax withholding is for cash withdrawals. I'm sure, as you stated, it doesn't apply to IRA rollovers.
Yes, I agree I need to looking into conversions to a Roth IRA. I'll do that once I have the 401k funds moved to an IRA.
As for the HSA, yes, it is my understanding that you can contribute to an HSA when retired as long as you have a high deductible health plan and are NOT enrolled in Medicare.
Statistics: Posted by Wenonah18 — Fri Apr 12, 2024 3:19 pm — Replies 6 — Views 274