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Then you may convert some or all of the balance into a Roth IRA. Remember you will have to pay taxes on the converted amount.
There are strategies which can help pay for those taxes if you choose and if the strategy makes sense.
Feel free to reach out to me if you have further questions.
I actually just did this for a client who had a 401(k) balance that had two balances, one Roth and one traditional. We created two Rollover IRA accounts, one Roth and one traditional and completed the rollover.
Great rollover question--one that we frequently get asked! In most cases yes. But understand that you will have to pay taxes on the value of the rollover, as the money in a traditional 401k is pre-tax in nature. So, you may wish to wait until retirement (lower income generally) to do this to minimize your taxes. Or you may want to do partial rollovers and incur the taxes in different tax years. I hope that helps! Always consult your tax advisor for your individual situation.