What Can Be Rolled Over To a 401k Plan — Video

It’s confusing, isn’t it? Learn what CAN be rolled over to a 401k plan.

 

Transcript:   Hi this is John Park with PGI Self-Directed, and contributor to BawldGuy Talking. Today we’re going to discuss a pretty simple concept, but it is confusing for a lot of people, and the subject matter is what can, or what other retirement plan can be rolled over into a 401k plan. Now, it doesn’t matter, you’ve heard me talk about self-administered 401k plans where you’re the trustee and you have checkbook control, but that doesn’t matter. It’s what does the IRS say can be rolled into any 401k account, self-administered or not. Well, before I even go through the list, one of the things I would highly emphasize, and it’s easy reading, is go to www.irs.gov and in the search bar just simply type in rollover chart. It’ll take you specifically to the rollover chart that they have broken out and will tell you what can and cannot be rolled into various plans including a 401k. Well, let’s go through the list real quick because number one, let’s talk about what cannot be rolled into a 401k. A Roth IRA under present regulations cannot be rolled over into a 401k no way, no shape, no how; but everything else for the most part can be. So let’s talk about what those other types of plans are. In the IRA family you have a traditional IRA. You also have what’s called a SEP IRA. You can also have a simple IRA, and all of these IRAs can be brought into a qualified 401k plan. But the list doesn’t stop there. What if you have a 401k plan from a previous employer? That can be rolled in. How about a 403b? That can be rolled in, also 457s. So it’s a pretty strong list of what you can roll in to a 401k plan, and one of the reasons I wanted to do this video is because a lot of times I’ll get people who call me who clearly qualify for a 401k plan, but because they have IRAs that they’re interested in rolling over, they think they have to do a self-directed IRA because they think it has to go directly from an IRA to an IRA. Well, now I think you’ve found from this video that that’s not necessarily the case. Obviously, you still have to qualify for the 401k, but what should make you feel good is now there’s going to be a lot of funds that as long as you’re doing a permissible rollover can be brought into the 401k plan. So, hopefully this was educational and informative for you. Again, this is John Park, PGI Self-directed, and I look forward to seeing you next time.

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About BawldGuy

I'm second generation real estate, first licensed in fall of 1969. Having been mentored by several iconic brokers, I'm also CCIM trained, having completed all 200 hours back in 1980. Have successfully executed well over 200 tax deferred exchanges, many of which have been multi-state in nature. Strong points are analysis and the creation and real world application of Purposeful Plans employing several strategies synergistically. The idea is to arrive at retirement with the most after tax income possible, backed by the largest net worth.

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