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Question about IRA rollover and what I should do
Posted on 3/4/15 at 12:35 pm
Posted on 3/4/15 at 12:35 pm
i have an account with vanguard and recently opened up a Roth IRA.
I also just had funds transferred over from a IRA that was in a money market fund with another investor. It was there bc it was converted from a 401k with a previous employer.
So now I have two accounts with vanguard a traditional IRA (previously 401k) and a Roth IRA. It's my understanding that if Id consolidate the funds Id be on the hook for some taxes for transferring the funds from the traditional Ira to the roth.
What would be your advice ? Invest the funds in the traditional IRA into a mutual fund for 2014 contributions and forget about it?
Then continue to fund the new Roth IRA each month ?
Thanks for any advice.
I also just had funds transferred over from a IRA that was in a money market fund with another investor. It was there bc it was converted from a 401k with a previous employer.
So now I have two accounts with vanguard a traditional IRA (previously 401k) and a Roth IRA. It's my understanding that if Id consolidate the funds Id be on the hook for some taxes for transferring the funds from the traditional Ira to the roth.
What would be your advice ? Invest the funds in the traditional IRA into a mutual fund for 2014 contributions and forget about it?
Then continue to fund the new Roth IRA each month ?
Thanks for any advice.
This post was edited on 3/4/15 at 12:36 pm
3
Posted on 3/4/15 at 12:49 pm to ItsThatDude12
Why can't you keep both the traditional IRA and Roth IRA?
Posted on 3/4/15 at 12:49 pm to ItsThatDude12
I'd leave them separate unless you want to pay the taxes out of pocket
Are you contributing to a new 401k?
Are you contributing to a new 401k?
Posted on 3/4/15 at 12:52 pm to Croacka
Yeah I have a active 401k with my company and contributing what the co matches
Posted on 3/4/15 at 12:53 pm to iAmBatman
I can keep both but that's what I'm getting at. I want to max the Roth out yearly so I wouldn't be contributing anything into the traditional IRA from here on out.
Posted on 3/4/15 at 12:56 pm to ItsThatDude12
There's nothing wrong with doing that
Leave it as is IMO
Leave it as is IMO
Posted on 3/4/15 at 12:56 pm to ItsThatDude12
I'm in the same boat
Just opened a Vanguard traditional IRA last week, transferred over from Oppenheimer, and adding some $ to get Admiral shares. I was also wondering if I should switch another traditional IRA I have with Fidelity to a ROTH, then thought about having to pay the taxes
Just opened a Vanguard traditional IRA last week, transferred over from Oppenheimer, and adding some $ to get Admiral shares. I was also wondering if I should switch another traditional IRA I have with Fidelity to a ROTH, then thought about having to pay the taxes
This post was edited on 3/4/15 at 1:00 pm
Posted on 3/4/15 at 1:29 pm to ItsThatDude12
I would leave the traditional alone and max out the Roth. No reason to close the account but make sure to keep and eye on it to make sure performance is what you'd like it to be
Posted on 3/4/15 at 3:55 pm to iAmBatman
That's what I did started a target retirement fund in the Roth and invested the balance of the traditional IRA which wasn't a while lot in VIGRX.
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