401K to IRA transfer?

jim in arziona asked:

I am over 70 and have a managed IRA and a 401K, I would like to transfer the 401K funds to the IRA. Calling the IRA I did not get a clear answer to my questions. Will I be taxed on the 401K dollars over $5000? If so can I do double that and apply it to two years? Really appreciate any help

Question posted courtesy of: Nicholas

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