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Roth IRA
Posted on 8/18/22 at 10:39 am
Posted on 8/18/22 at 10:39 am
I’m thinking of opening a Roth IRA but have a few questions. Does the Roth IRA have to be with the same institution that you have a 401K with? I know you can only contribute $6,000 a year. How do you contribute to it? Do you just deposit money from your checking account? Thanks.
8
Posted on 8/18/22 at 10:42 am to Tigersbr2nola
quote:
Does the Roth IRA have to be with the same institution that you have a 401K with?
no
quote:
I know you can only contribute $6,000 a year. How do you contribute to it?
once you open the account, there will be funding options. Typically you'll see something that lets you fund from your checking/savings account or rollover from another retirement account.
quote:
Do you just deposit money from your checking account?
yes
Posted on 8/18/22 at 10:43 am to Tigersbr2nola
Can open a Roth with any custodian you’d like. The money is deposited either electronically or with a paper check from your checking account in most instances.
Posted on 8/18/22 at 10:44 am to Tigersbr2nola
quote:
Does the Roth IRA have to be with the same institution that you have a 401K with?
No, might be easier to have it in the same place though.
quote:
How do you contribute to it?
I do it lump sum at the beginning/middle of the year. Whenever I have enough saved up that I dont totally empty my emergency fund.
quote:
Do you just deposit money from your checking account?
A savings account but its the same.
Posted on 8/18/22 at 10:44 am to Tigersbr2nola
quote:
Does the Roth IRA have to be with the same institution that you have a 401K with?
NO
quote:
I know you can only contribute $6,000 a year.
6K if under 50. 7k if 50 and over.
quote:
Do you just deposit money from your checking account?
yup.
Posted on 8/18/22 at 1:54 pm to Fat Bastard
Keep in mind there are also annual income restrictions that if you exceed the threshold you’re not allowed to contribute to your Roth IRA the ‘normal’ way. That’s where the backdoor comes in handy.
Posted on 8/18/22 at 2:22 pm to Tigersbr2nola
You might want to check and see if your employer's plan offers a Roth 401k option. If they offer a match, your contributions could go in the Roth and theirs would be in the traditional 401k.
Posted on 8/18/22 at 4:34 pm to Tigersbr2nola
I know it can be a bit intimidating to open a Roth, but most reputable companies (Dodge & Cox, Fidelity, Vanguard, T. Rowe Price, and many others) have great customer service and will walk you through the process. It is easy once you have a very basic understanding.
This post was edited on 8/18/22 at 4:42 pm
Posted on 8/18/22 at 4:41 pm to Tigersbr2nola
Also you can buy and sell stock without worrying about a wash sale.
Do wash sale rules apply in an IRA?
Shares held within an IRA do not observe the wash sale rules, because the IRS doesn't keep track of your gains and losses within an IRA. Except for nondeductible contributions, you pay your marginal tax rate when money exits your traditional IRA.
Do wash sale rules apply in an IRA?
Shares held within an IRA do not observe the wash sale rules, because the IRS doesn't keep track of your gains and losses within an IRA. Except for nondeductible contributions, you pay your marginal tax rate when money exits your traditional IRA.
Posted on 8/19/22 at 4:17 am to Tigersbr2nola
Appreciate the replies.
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