Converting IRA and 401K to 403 B plan
I was wondering if anyone knows if it’s possible to take my IRA and my old 401K that’s still at my former job and roll it over to my company’s 403B plan. Any information on this would be appreciated.
I was wondering if anyone knows if it’s possible to take my IRA and my old 401K that’s still at my former job and roll it over to my company’s 403B plan. Any information on this would be appreciated.
Permalink Submitted by Alan - IRA critic on Sun, 2018-12-09 21:47
You can under IRS rules, however your 403b plan document determines if the plan can accept these rollovers. Most likely they will either accept both, or neither. If IRA money is acceptable you must be sure NOT to rollover any IRA basis from non deductible contributions because IRS rules do not allow that.
Permalink Submitted by Stephen Gaglione on Tue, 2018-12-11 03:58
Thank you Alan, my 401k is pre-tax and so is my IRA. So if I understand correctly that means that my IRA is deductible and therefore doesn’t violate any IRS rules correct? Again thank you for the information, I am new at this so I just want to make sure I understand completely what it is you are saying.
Permalink Submitted by Alan - IRA critic on Tue, 2018-12-11 04:12
That’s right. If you never made non deductible IRA contributions, you can roll the entire balance into the 403b plan.