401k rollover

Amazon
amdidm

Go to company page Amazon

amdidm
Jul 16, 2020 9 Comments

i left my Cisco job two months ago. What are my options for cisco 401k with Fidelity ?

can i roll them over to IRA ? will it be traditional IRA or Roth IRA ?

Do i need to get letter from Fidelity for the rollover ? How involved is the process ?

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TOP 9 Comments
  • IBM
    wfhnopants

    Go to company page IBM

    wfhnopants
    Roll to ira. Lots more investment options
    Jul 16, 2020 3
    • There is another IRA called Rollover IRA where you can park your 401k money. Both TIRA and Rollover-IRA are treated same by IRS so you wouldn’t see much in documentations. No charges for moving money to this account, you have investment options and allows you to do Backdoor Roth IRA conversion (allows to put more than 6k annual Roth limit).
      Jul 17, 2020
    • Compass
      IIIlllIlIl

      Go to company page Compass

      IIIlllIlIl
      You'll incur taxes due to the pro-rata rule if doing backdoor Roth.
      Jul 17, 2020
  • VMware
    vMotion

    Go to company page VMware

    vMotion
    As far as I know, all your investments will be sold and converted to cash and a check will be sent to you to be deposited to the IRA or wherever you are rolling it to.

    Could someone confirm if that is correct?
    If yes, timing of rollover can matter a lot!
    Jul 16, 2020 1
  • Uber
    uberific

    Go to company page Uber

    uberific
    Beware that if you roll to traditional IRA, it might no longer make sense to do backdoor Roth unless you convert the entire IRA to Roth (and pay all those taxes for doing so)

    But Fidelity will let you convert one of their 401ks to an IRA or convert traditional IRA to Roth just through a web form
    Jul 16, 2020 0
  • If you have a traditional 401k then you roll over to an Ira. If your 401k was a Roth 401k, then you roll over to a Roth Ira.

    You can pick the company. Stay with fidelity or go somewhere else. I personally like fidelity, but admit that's due to being used to the website more than anything.
    Jul 16, 2020 0
  • New / Eng
    jzJA01

    New Eng

    PRE
    Google
    jzJA01
    Just call the 401k admin. They know the rules.
    Jul 16, 2020 0