Rollover or withdraw 401k money
Hello all, just a quick question for you guys.
I have $600 dollars in my old employers 401k plan. Yah, I know, small potatoes. Thats why I'm thinking about just taking the penalty and then depositing it in my ING Roth IRA.
I have read that I can't roll it directly to a Roth. I would have to set up a traditional IRA to use as the go-between. But, for $600 dollars I dont know that this would be worth it?
I'm 25. I didnt know if someone could give me a guesstimate at the penalty amount we are talking? At the old employer I made 27000 a year, at my current job I make 29000. If that matters.
I appreciate the help! I just dont wanna hassle with setting up a traditional IRA to save 20 bucks, ya know?
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