I was self employed for a couple of years, 2010-2011. Created and contributed to a solo 401K account. Now retired and 70. Can I rollover that solo 401K to an IRA account and can that rollover be just for a portion of the balance as I sell some of the stock and rollover the cash portion.

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ronwhitevw

Question

Solo 401K rollover to IRA

Forum|Forum|5 years ago
January 25, 2021
1 reply
0 views

I was self employed for a couple of years, 2010-2011. Created and contributed to a solo 401K account. Now retired and 70. Can I rollover that solo 401K to an IRA account and can that rollover be just for a portion of the balance as I sell some of the stock and rollover the cash portion.

RayW7

Yes, this should not be a issue. There is no tax event on the rollover amount. Since you are over 59 1/2 there should not be a penalty on the funds you withdraw; however, they may be taxed as ordinary income.

A Rollover IRA is an account that allows you to move funds from your old employer-sponsored retirement plan into an IRA. With an IRA rollover, you can preserve the tax-deferred status of your retirement assets, without paying current taxes or early withdrawal penalties at the time of transfer. A Rollover IRA can provide a wider range of investment choices that may meet your goals and risk tolerance, including stocks, bonds, CDs and mutual funds.

What can you do with an old 401(k)?

Roll over your 401(k) to an IRA.
Roll over your 401(k) to a new employer's plan.
Leave in your former employer's 401(k) plan.
Cash out your money.

tyfreeflovesdogs

I withdrew my 401 from my thrift savings plan then a month later put into a different retirement account is this considered to be rolled over and therefore not taxable?