Question for the Money Doctors

Question submitted on Feb 20, 2023.

Question

I have at least 160,000 in 401k , can I roll it over to my Roth 401k without penalty and paying taxes. I am 63 years old.

Answer

You can roll your pre-tax 401k to your Roth 401k, however you will pay tax on the amount your rollover.  I suggest you consider rolling it over it in stages, maybe $25k-$30k per year or less. That way you may keep yourself in a lower tax bracket. 

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