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).
July 25, 2011November 7, 2012 / TTaxChels. Contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. However, you do not actually take a tax deduction on your income tax return for your 401(k) plan contributions.isconceptions About 401(k) Contributions. The contributions that you make to a 401(k) plan only reduce your income taxes, not your Social Security and Medicare taxes. These two taxes only apply to your earned income, but you do not get to claim any deductions before these taxes are assessed.