How to Combine a Rollover & Traditional IRA
- 1). Contact your employer's 401k administrator and request the paperwork for a rollover.
- 2). Fill out the paperwork from your plan administrator. Request a full distribution through a rollover. You do not want any taxes withheld, income nor penalty. Submit the paperwork.
- 3). Confirm with your existing Traditional IRA custodian that they will accept a rollover into your existing IRA. There is not regulation against this, but some custodians may not allow it and require you to open a new account.
- 4). Distribute the check into your Traditional IRA immediately. You have 60 days from the date of liquidation to complete the rollover and not incur income tax and penalties.
- 5). Fill out your Form 1040, Line 12 using the amount defined on the 1099R form you will receive regarding the rollover.
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