401K rollover to IRA

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» 401K rollover to IRA

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Jan 19, 2006, 04:41 AM

mnbmanx45

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Join Date: Jan 2006

Posts: 2

401K rollover to IRA

If I do a direct roll over of the 401K that I have as a result of a QDRO I understand that I don't get hit with the immediate 20% tax bite. I'm over 60 so the 10% early withdrawl penalty doesn't apply. I just noticed that my bank in the US (I live in the UK) has a 6 month IRA. When this matures, can I then take a portion of it in cash and then re-invest the bulk of it elsewhere? What are the tax implications of that?! Thanks.

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