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Posted by
Message
Where to start a ROTH?
Posted by Daygo85 on 6/8/13 at 11:40 am00
Currently I have a traditional tax deferred IRA that has been rolled over from a previous employer into an Edward Jones account. Also, currently contributing to another traditional tax deferred IRA with my current employer (not Edward Jones). Looking to start a ROTH by the end of the year. Should I trust Edward Jones with this new endeavor or use a third investment partner?
re: Where to start a ROTH?Posted by NewIberiaHaircut on 6/8/13 at 12:11 pm to wegotdatwood
quote:
Vanguard
+1. My wife and I are both set up through Vanguard. Quick and easy.
re: Where to start a ROTH?Posted by LSUtigerME on 6/8/13 at 12:56 pm to Daygo85
I also went through Vanguard.
re: Where to start a ROTH?Posted by Daygo85 on 6/8/13 at 1:23 pm to wegotdatwood
Consensus seems to be Vanguard. Why such high ratings if I may ask?
re: Where to start a ROTH?Posted by TyOconner on 6/8/13 at 1:55 pm to LSUtigerME
quote:
I also went through Vanguard.
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re: Where to start a ROTH?Posted by Fat Bastard on 6/8/13 at 4:00 pm to wegotdatwood
quote:
Vanguard
yeppers
This post was edited on 6/8 at 4:06 pm
re: Where to start a ROTH?Posted by Fat Bastard on 6/8/13 at 4:06 pm to Daygo85
quote:
Should I trust Edward Jones with this new endeavor
edward jones is only good for a money market fund checking account and maybe a unit trust. sales loads, annual management fees and expense ratios are ridiculous not too mention their choice of funds are not what others are. avoid it like the plaque as far as IRA's and trading stocks are concerned.
How are you looking to invest inside your Roth? If you're looking at a mutual fund the best option may be to open up a Roth with that fund company. If you're looking at a few different mutual funds you may want to look at a brokerage account with a discount broker like Scottrade or Charles Schwab.
I'd imagine most brokers won't let you.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
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