Hey all. I recently left my employer (to go to another one) and I'd like to transfer the funds from my 401K, to a roth IRA. I understand that I'll have to pay taxes on the amount.

1) What's the best way to transfer the funds from the 401K, to a roth ira in order to have minimal fees? I've read about the backdoor ira method. Should I move the funds from my 401K --> ira --> roth ira in order to avoid any extra fees or can I go 401K --> roth ira?

2) I'm moving roughly $16000 and was making $68000/yr (gross salary). How much can I expect to have to pay in taxes?

3) While I become more educated on asset allocation and the three fund portfolio, I'm going to do a target date for now. Will I be missing out on a lot by going this route for the first few years or so?

​

Thanks!!!