Quote:
Originally Posted by ThaVirus
I will speak to a rep to be sure, but just to clarify my situation a bit more: it's apparently got a $6000/year limit on contributions. So my dumbass contributed the max $6000 for the years of 2020 and 2021 (or maybe 2019 and 2020, idk). I contributed that money directly from my linked bank account so it's definitely post-tax. If I'm understanding correctly, I will have already paid taxes on that money as it was previously earned and then they will tax it when I withdraw it upon retirement. That's some bullshit.
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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.
EDIT: Although the "directly from my linked bank account" part is odd, since that would suggest a Roth instead of a Traditional IRA. That's definitely confusing.