I recently changed jobs and now my 401K is sitting in limbo. I was wondering if I can roll it over into a Roth IRA. If so since I have never had an IRA before what kind of an IRA do you suggest I roll it over into. Also is there a minimum that I must have in my 401K to roll it into a Roth IRA.

You cannot transfer funds directly from a 401(k) Plan to a Roth IRA. First you must roll the funds to a traditional IRA.

There is no minimum amount to convert from a traditional IRA to a Roth. The limitations are based on your adjusted gross income in the year of the conversion.

Supplementing the above response: Your income level in the year you convert effects your eligibility to convert to a Roth, and there is an interaction with filing status. Married filing separate returns for example is extremely restricted. You may want to do a partial rollover, converting a part of your IRA to a Roth each year. This might keep you from tax bracket creep, but you would need to be eligible each year rather than just the first.

You should read Publication 590 from the IRS before you take any action. Also note the related site: www.rothira.com