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Fidelity IRA and Roth IRA
Posted on 10/24/12 at 7:45 pm
Posted on 10/24/12 at 7:45 pm
Been lurking the money board for a while and have a question for y'all. I had two 401ks that got rolled over. One went to a traditional IRA and the other to a Roth IRA I called fidelity at one point and they said to just keep both. What are y'all's opinions on that? TIA.
3
Posted on 10/24/12 at 8:05 pm to clickboom
if you are under 40 and average income I would convert the traditional to a roth. Otherwise I would probably leave it alone.If you do convert remember you will owe the income taxes.
Posted on 10/24/12 at 9:50 pm to agdoctor
Ok good to know. Thanks for the advice.
Posted on 10/25/12 at 1:06 am to clickboom
I would guess your Fidelity accounts charge more than other similar accounts. Do some research. I did and am converting to Vanguard.
Posted on 10/25/12 at 5:32 am to clickboom
Run the conversion numbers so that you can make an informed decision regarding tax liability on conversion. Now is a good time to do this because you should know what your income will be for 2012. Keep in mind that you can convert some each year. ie: convert 1/2 before the end of the year and the other 1/2 in January to spread the tax over two years. (don't pay the tax out of the account)
Posted on 10/25/12 at 7:03 am to clickboom
Without any more detailed information about you, I would leave it as it currently is.
Posted on 10/25/12 at 8:02 am to BestBanker
What info do you need?
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