When you 
have a retirement plan, or many different types of retirement plan, you may be faced with decision-points when it would be helpful to rollover one plan into another plan. But do you know which type of plan I can rollover my retirement plan into?
What follows is a description of the types of accounts that you can rollover each particular source account into, along with the restrictions for some of those accounts. The IRS also has a handy rollover chart which describes these rollovers in a matrix.
Traditional IRA or SEP-IRA
A traditional IRA or SEP-IRA can be rolled over into:
- Another traditional IRA or SEP-IRA (once per year unless trustee-to-trustee transfer)
- A Roth IRA (amount rolled over must be included in income)
- A 401(k), 403(b), 457(b) (governmental retirement plan) profit sharing, defined benefit pension plan, or other qualified retirement plan (pre-tax only)
Roth IRA
A Roth IRA can be rolled over only into another Roth IRA, and then only once per year unless it’s a trustee-to-trustee transfer
401(k), 403(b), 457(b) or other Qualified Retirement Plan
A 401(k), 403(b), 457(b) or other qualified retirement plan (QRP) is eligible to rollover the pre-tax amounts into all of the same destination accounts as a traditional IRA, with exactly the same restrictions.
Additionally, these plans’ pre-tax amounts may also be rolled over into a Roth 401(k), Roth 403(b) or Roth 457(b) within the same plan, and the amount rolled over must be recognized as income in the year of the transfer.
The post-tax amounts in these accounts can be rolled over into a Roth IRA after having left employment.
SIMPLE IRA
A SIMPLE IRA can be rolled over into all of the same accounts as a traditional IRA, with the same restrictions, plus the fact that the SIMPLE IRA must have been established for at least two years before it can be rolled over.
In addition, a SIMPLE IRA can be rolled over into another SIMPLE IRA without the 2-year restriction, however the once-per-year restriction applies unless the rollover is a trustee-to-trustee transfer.
Roth 401(k), Roth 403(b) or Roth 457(b)
These designated Roth accounts can be rolled over into a Roth 401(k), Roth 403(b), or Roth 457(b) account of another employer, only as a direct trustee-to-trustee transfer. These accounts can also be rolled over into a Roth IRA with no tax consequences.
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
I want to move part of my 401k from my current employer into a fixed interest CD at a bank. Can I do this with a transfer or rollover without tax implications? I am 60 years old but I do not want to take withdrawals from my 401k at this time.
Yes, you should be able to make this transfer, but only if your current employer allows in-service distributions. Some 401k plans allow this, but many do not.
If your plan allows it, you’ll need to make sure the bank knows you want the CD to be held in an IRA. Then let both custodians know that you want to do a trustee-to-trustee transfer of the funds.
IRS rules actually do not allow a transfer from a 401k to an IRA. You have to use a rollover when it involves going from a qualified plan to an IRA. Transfers can only be done between like accounts (IRA to IRA). It can be a direct rollover so there are no adverse tax implications.
can you rollover your social security into your 401k plan?
There are two parts to this answer:
1) Since Social Security is not an account per se, there is no way to rollover a lump sum amount into any other account. This includes IRAs or 401ks.
2) Since Social Security benefits are not wage income, you would not be eligible to contribute Social Security benefits to a 401k plan.
Effectively the answer to your question is no – the explanation was just more complex than the question seemed.
Good information and good post presented in a concise manner. This comes up frequently since so many people accumulate assets in different locations.