I have a $3mm 401k that I will be rolling over to a Trad IRA in the coming months. I am over 59-1/2. Any Roth IRA that I have is only two or three years old.
My 401k has about $190K in after tax contributions. When I roll this over I can direct these after tax contributions either to my bank account or to a Roth IRA. I anticipate buying a house later this year and need access to this $190k cash.
My question is: When I do this rollover, if I put the $190k into a Roth account, can I withdraw it later in the year for the house purchase? Is there any five year limitation on this money? Or just any earnings?
My 401k has about $190K in after tax contributions. When I roll this over I can direct these after tax contributions either to my bank account or to a Roth IRA. I anticipate buying a house later this year and need access to this $190k cash.
My question is: When I do this rollover, if I put the $190k into a Roth account, can I withdraw it later in the year for the house purchase? Is there any five year limitation on this money? Or just any earnings?