Go one penny over this amount and a report must be filed (currency transaction report). If you deposit checks or have the money wired in or direct deposited there is no form. It is for CASH only, going in or out of the bank.
The short answer is that yes, you can roll the funds from a traditional IRA into a 401(k) as long as the 401(k) plan allows it.The same goes for doing a rollover into a 403(b). The slightly longer answer is that you can only roll over tax deductible contributions and earnings.he short answer is that yes, you can roll the funds from a traditional IRA into a 401(k) as long as the 401(k) plan allows it. The same goes for doing a rollover into a 403(b).
A 401k account is very similar, but not exactly like, an IRA. With a 401K there is no home exemption per se. But, depending on the circumstances, it is sometimes possible to roll 401K funds into a traditional IRA. More often, people use the 401K loan option to get early money without paying the tax penalty.o. If you took money out of your 401K for a purchase of a home, you will owe the penalty. The penalty is excluded ONLY for IRA withdrawals. Helen, EA in PA.