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Reply to "Roll law firm 401k into fed TSP?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Convert the old 401K into a personal IRA. Start anew with the TSP.[/quote] But then I would owe substantial taxes on the conversion -- what would be the benefit of the IRA in that situation? Thanks in advance. [/quote] You would only owe taxes if you converted/rollover to a Roth IRA. If it's a traditional IRA you rollover to there will be no tax consequences. The advantage would be you can pick any financial institution in the entire US that handles IRAs to rollover too. And once you have the funds there you are free to move them later to a different financial institution. So the main advantage is freedom to change/move whenever you want.[/quote]
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