Good evening,
I'm considering rolling a Gov. Pre-Tax 457B account into a newly offered plan by my employer called a Post-Tax 457 Roth account. What kind of tax penalties will I be facing? There's roughly 100K in pre-tax account. I would love to put it all in the Roth. I was told the rollover would be treated as taxable annual income for the year it was transferred. That would be a huge tax hit for me. If so, would it make more sense to let the old plan stagnate and start the Roth plan from scratch with future deferred compensation? Thank you.
I'm considering rolling a Gov. Pre-Tax 457B account into a newly offered plan by my employer called a Post-Tax 457 Roth account. What kind of tax penalties will I be facing? There's roughly 100K in pre-tax account. I would love to put it all in the Roth. I was told the rollover would be treated as taxable annual income for the year it was transferred. That would be a huge tax hit for me. If so, would it make more sense to let the old plan stagnate and start the Roth plan from scratch with future deferred compensation? Thank you.
Statistics: Posted by CluelessInvestor — Mon Feb 03, 2025 7:31 pm — Replies 3 — Views 147