Can a 403(b) be Converted to a Roth IRA?

A 403(b) is a retirement plan offered for public school employees and other tax-exempt organizations. Most plans have a Roth component and can be converted to a Roth IRA.
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[@heatherhall7898]

How do you correctly file out the 8606 form? My 403B is not a SEP, SIMPLE, or traditional IRA.

[@spankynater4242]

This really didn't answer the question. What happens you roll a 403b into a Roth? How much tax or penalty do you have to pay?

[@breehartley1627]

I just looked into doing this this week with the Wisconsin Education Foundation. You will pay ordinary income tax on the converted amount so it depends on your personal tax rate. Typically, if you are at the 24% tax rate or lower it would probably benefit you to do the conversion before 2026. I am at the 22% rate so I have one 403b account that I have not converted to ROTH yet and I am planning on doing the soon. It is supposed to be easier to convert to a ROTH IRA than it is to a 403b ROTH for some reason.

[@DezmondAbrams]

Is it illegal to Rollover a old employer 403B plan/funds to a Roth IRA or am I required to make sure funds are rolled to a Traditional IRA?

[@scotty2221]

Hi there... I'm a nurse at a non-profit hospital. They just forced me into a 403b because I made too much last year? Okay... However, my 401k will stay open also and all my new contributions are going to this 403b? Like starting over again and they won't convert my money from my 401k to the 403b? What is going on here in 2024? Please help me because if I cannot grow my money anymore on my own in my 401k I'm just going to quit.... Thoughts on how I can get them to migrate all the funds from the 401k or, can I make the 401k into a traditional IRA and keep growing it that way without penalty? It's all thru Vanguard and they are clueless. I just don't know what kinda questions to ask. Please advise when time permits. Appreciate your time.

[@Markazoid6041]

Is it the same for a 457 plan ? Years ago I was told you had to move it to a Ira first then to the Roth?

[@IRAFinancial]

Hi,
Most 457 plans have Roth options.
Thanks!

[@Markazoid6041]

@@IRAFinancial unfortunately we did not, after retiring I converted 50 k to my Roth and they allowed it but later said I should roll it into my Ira first then convert it to the Roth . Don’t really see the difference but it seems like a convoluted way to do it.

[@johnc6714]

Include Rule of 55 so don't need to wait until 59.5