401k roll over to traditional IRA, or take the tax hit now and put ...

August 19, 2011 ? Consultant ?

I have a 401k I want to roll over to an IRA. Ideally, I?d like to open and place the money in a Roth IRA and get it free and clear when I retire. I don?t think I can do that though.. I think I can only roll it over to a traditional pre-tax IRA. If that?s the case, would it be better to take the tax/penalty hit from the 401k and put the money into a Roth and be set, (I am just out of school looking for a new career and wait tables now, so hopefully my tax bracket is the lowest it will be in my lifetime at this moment) or is it more prudent to just convert it to traditional IRA and go with that? Just looking for good solid opinions from people in the know.

Source: http://rothira.soluti-ons.com/roth-ira/401k-roll-over-to-traditional-ira-or-take-the-tax-hit-now-and-put-it-in-a-roth-ira/

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