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I am rolling over my old 401k to a new Roth IRA. My 401k contained my pre-tax contributions, post-tax contributions, employer match, and employer profit sharing. I am guessing my employer match and employer profit sharing are pre-tax items. The 401k institution sent the Roth IRA institution one lump check.

  • What are my tax liabilities? Will I have to pay taxes on my pre-tax contributions, employer match, and employer profit sharing?

  • Can they put the whole check in the Roth IRA and then I pay the taxes out of pocket during tax time?

  • Will just any tax adviser know how to handle the taxable items?

  • Are there any requirements that I should know about?

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    you also could have rolled over just the Traditional or Roth parts, or any part thereof – user102008 Oct 18 '13 at 8:34
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    did the 401k institution breakdown the funds by source type in the paperwork? Did the IRA institution specify the sources of the money? You will need the info from the first institution to determine the taxes you might or might not owe? Did this go into a new account or an existing account? Commingling of funds can change their color and limit future rollover options. – mhoran_psprep Oct 18 '13 at 12:34
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Will I have to pay taxes on my pre-tax contributions, employer match, and employer profit sharing?

Yes.

Can they put the whole check in the Roth IRA and then I pay the taxes out of pocket during tax time?

Yes. That's what you told them to do when you asked for rollover. You might get hit with an underpayment penalty though, be careful.

Will just any tax adviser know how to handle the taxable items?

Any decent tax adviser will know. I'd suggest talking to someone who is adequately licensed. That is, not just any tax preparer, but someone with EA or a CPA designation. You'll need to file form 8606 with your tax return.

Talk to a tax adviser ASAP, so that you could mitigate the damage you've caused yourself.

Are there any requirements that I should know about?

More information here.

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    Asking - shouldn't the 401(k) provider offer a clear accounting of what was pre tax and what was post? no way for OP to know otherwise. I suggest that those looking to do this first transfer to the two accounts, a traditional IRA, and Roth. They can then convert as they wish, preserve the ability to recharacterize, and control tax on conversions. – JoeTaxpayer Oct 18 '13 at 16:00

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