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What to do with my old traditional 401k?
Posted on 4/24/15 at 11:48 am
Posted on 4/24/15 at 11:48 am
I currently have a roth 401k through my employer and a roth IRA on my own.
The old 401k is just sitting there. No contributions are going to it.
Is moving it to a traditional IRA the best route?
Or should I take the tax hit now and move it into my roth IRA?
The old 401k is just sitting there. No contributions are going to it.
Is moving it to a traditional IRA the best route?
Or should I take the tax hit now and move it into my roth IRA?
4
Posted on 4/24/15 at 11:53 am to Salmon
quote:
Is moving it to a traditional IRA the best route?
Yes. That's your best option.
Posted on 4/24/15 at 12:24 pm to Jwodie
And just let it sit? I don't plan to contribute to it as an IRA.
Posted on 4/24/15 at 1:03 pm to Salmon
Keep it on there for now, then backdoor roth it later in a year when you expect a dip in income (if you think that's a good possibility).
If not take the tax hit and backdoor roth it now, but better know (at least a range) of what the tax amount will come out to, so you're not unprepared come tax season.
If not take the tax hit and backdoor roth it now, but better know (at least a range) of what the tax amount will come out to, so you're not unprepared come tax season.
Posted on 4/24/15 at 1:20 pm to Salmon
What's your email?
Posted on 4/24/15 at 2:37 pm to Salmon
Are you saying that you have two accounts or three? Do you have a Roth 401k with your current employer and a traditional 401k from a previous job in addition to your Roth IRA?
Posted on 4/24/15 at 2:38 pm to seawolf06
quote:
Do you have a Roth 401k with your current employer and a traditional 401k from a previous job in addition to your Roth IRA?
correct
Posted on 4/27/15 at 12:55 pm to Salmon
Roll over the traditional 401k into a traditional IRA with the same bank/firm you have your Roth IRA with. It should be relatively painless to do online without talking to anyone.
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