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Rollover 401(k) To An IRA

Rollover Your Current 401(k) To A Self-Directed Crypto IRA

If you have an old employer retirement plan that you’d like to rollover to a crypto IRA, our customer success team can help with the process. You are able to rollover a variety of employer plans including 401(k), 403b, TSP, 457, and even some pensions. Once you’ve created an account, our team will provide you with instructions on how to start the rollover process.

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How A 401(k) Rollover Works

Diversify Your Portfolio By Converting Your 401(k) To A Crypto IRA

The 401(k) rollover process works slightly differently than transferring an IRA. Unlike an IRA transfer, only you can request a 401(k) rollover from your current administrator. We will give you instructions on starting the process and help with any required paperwork or documentation requested.

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Frequently Asked Questions

Common Questions About 401(k) Rollovers

If you’d like to learn more about converting your 401(k) or other employer plan to a crypto IRA, here are a few  questions we hear from our customers.  If you don’t see an answer to your question below, or just want to speak with someone on our team, give us a call or send us an email, we’d be happy to help.

What Is A Crypto IRA?
A crypto IRA is a retirement account that is just like a traditional IRA, except it allows you to hold cryptocurrency instead of more traditional investments, like stocks or bonds. The main benefit of a crypto IRA is that it allows you to diversify your retirement portfolio with a new asset class that has the potential to grow at a higher rate than more traditional investments. You can learn more about what a crypto IRA is in this article.
Can I Roll Over A 401(k) To An IRA?
Absolutely. If you’re no longer happy with your 401(k) or simply want to move the funds to a self-directed retirement plan, you can roll over your 401(k) to an IRA without incurring any taxes or penalties. There is no limit on the amount that you can roll over and, once complete, you will have access to a much larger variety of investment options. Unlike an IRA transfer, we can’t handle this process for you, but our team is ready and able to help with every step of your 401(k) to IRA rollover.

You can only roll over a 401K for a non-active employer, one that you are no longer contributing to.

Can I Move My 401(k) To An IRA Without Penalty?
Yes, you can roll over your 401(k) to an IRA without incurring any taxes or penalties. The process must be completed within 60 days of the funds being withdrawn from the 401(k), or they will be subject to a penalty. While this may sound like a non-issue, many 401(k)s will send physical checks instead of online transfers, so it’s essential to be on top of timelines so that you can deposit the funds within the allowable window.
Does It Cost Money To Roll Over A 401(k) To An IRA?
There are no fees or hidden costs for you to roll over your 401(k) to a crypto IRA on My Digital Money. The only caveat is that the funds must be deposited within 60 days of the withdrawal or you will incur a penalty. Additionally, there will be some tax consequences if you roll over your 401(k) into a Roth IRA, as a Roth IRA is taxed at the time of contribution.
How Long Does A 401(k) Roll Over Take?
The 401(k) rollover process takes slightly longer than an IRA transfer. Unlike an IRA transfer, we are not allowed to communicate with your plan administrator; only you can request the rollover. However, our team is more than happy to help you compile any necessary information and documents and provide you with exact instructions on what to request from your administrator. One of the reasons that a 401(k) rollover takes longer than an IRA transfer is that plan administrators will typically send the funds with physical checks, not electronic transfers. Since processing and shipping a physical check takes more time, we find that most customers who roll over a 401(k) can start trading in their crypto IRA within about two weeks.
How Much Will An IRA Reduce My Taxes?
When you contribute to your traditional crypto IRA, you are able to deduct the full amount contributed from your taxable income. This means that if you’ve earned $100,000 in a tax year and you make the maximum contribution of $6,000 to your IRA, your taxable income will only be $94,000. Th maximum contribution limit is imposed by the IRS and is $6000 – $7000 depending on your age. See your Tax Accountant for your specific situation and guidance.