Quote:
Originally Posted by DaFace
If it's got a $6k cap on there, I bet they automatically rolled it into a traditional IRA. It's roughly the same in terms of tax implications, but it has lower caps and obviously doesn't have an employer contributing to it.
A little confusing if they called it a "Rollover 401k" since that's not really a thing, but that almost has to be what's going on. Again, I'd contact them about it.
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Hah. I am a total dipshit.
It is labeled as a rollover IRA. My mistake! Sorry, I wasn't 100% informed on the difference between 401ks and IRAs so I guess I kinda looked at them as interchangeable terms.
I appreciate the help.
EDIT for your edit: Whenever they rolled it over after I left my previous employer, I just let it sit for quite some time, but not too long ago I linked my bank account to it so that I could transfer funds. That's how I contributed the $6k for the two previous years, just moved the money straight from my bank account into the rollover retirement account.. if that makes sense.