Roth IRA, Traditional IRA, 401K » existing http://www.iraroth.net IRA Questions and Answers Tue, 17 Jan 2012 00:09:43 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Adding to an existing IRA after age 85‏ http://www.iraroth.net/2011/02/adding-to-an-existing-ira-after-age-85%e2%80%8f-2/ http://www.iraroth.net/2011/02/adding-to-an-existing-ira-after-age-85%e2%80%8f-2/#comments Thu, 17 Feb 2011 22:53:40 +0000 admin http://www.iraroth.net/?p=454 Can my Mother add to an existing IRA of hers after age 85?  Her IRA is making more interest than CD’s so we wondered if she could add to the IRA for a better return on interest? We realize she may have to have a yearly withdrawal, but wondered if she would still be ahead on interest.

]]> http://www.iraroth.net/2011/02/adding-to-an-existing-ira-after-age-85%e2%80%8f-2/feed/ 0 Can I take out a traditional IRA now and convert to an existing Roth IRA later? http://www.iraroth.net/2010/01/can-i-take-out-a-traditional-ira-now-and-convert-to-an-existing-roth-ira-later/ http://www.iraroth.net/2010/01/can-i-take-out-a-traditional-ira-now-and-convert-to-an-existing-roth-ira-later/#comments Sat, 02 Jan 2010 01:38:59 +0000 admin http://www.iraroth.net/2010/01/can-i-take-out-a-traditional-ira-now-and-convert-to-an-existing-roth-ira-later/ This is my scenario. I currently have a ROTH IRA. For this and next year I would like to take out a traditional IRA, and in a few years (2010) convert this to my current ROTH IRA. I had read somewhere I thought you can only do a rollover like this one time. Does anyone know the rules on this? Thanks!
Thanks for the answers. I know it’s kind of tricky. I would rather get the tax break now and pay the taxes in a couple of years because of my financial situation. But i would want to do it all at once. For example, rollover the total of all my traditional IRAS into my existing ROTH. Don’t mind paying the taxes at that time, but dont want it counted as a withdrawl and get penalized, etc. I eventually just want it all in one account. I’m just scared there is a catch somewhere ( or will be in 2 or 3 years). Several years ago, they let you do that rollover thing all at once, and I did do it at that time.
To the last response from TBONE. You mentioned in 2010 you can rollover a traditional ira into a roth ira…this is the whole crux of my concern…I know I can roll it into “an IRA” but can I roll it into “an existing IRA” that I had before i started opening up the traditional iras?
Thanks!

]]> http://www.iraroth.net/2010/01/can-i-take-out-a-traditional-ira-now-and-convert-to-an-existing-roth-ira-later/feed/ 7 Can you rollover 401k into an existing roth IRA? http://www.iraroth.net/2009/12/can-you-rollover-401k-into-an-existing-roth-ira/ http://www.iraroth.net/2009/12/can-you-rollover-401k-into-an-existing-roth-ira/#comments Sat, 19 Dec 2009 04:37:13 +0000 admin http://www.iraroth.net/2009/12/can-you-rollover-401k-into-an-existing-roth-ira/ I have a 401k with my job and a Roth IRA. I’m planning to leave my job soon (for school) so can I rollover my 401 into the current Roth IRA since it would be less than the annual contribution limit (about $2500). Or do I have to open a “Rollover IRA” and then maintain two separate IRA accounts?

]]> http://www.iraroth.net/2009/12/can-you-rollover-401k-into-an-existing-roth-ira/feed/ 4 Should I convert my Rollover IRA to an existing Roth IRA? http://www.iraroth.net/2009/12/should-i-convert-my-rollover-ira-to-an-existing-roth-ira/ http://www.iraroth.net/2009/12/should-i-convert-my-rollover-ira-to-an-existing-roth-ira/#comments Thu, 17 Dec 2009 14:13:58 +0000 admin http://www.iraroth.net/2009/12/should-i-convert-my-rollover-ira-to-an-existing-roth-ira/ I currently have two IRAs, a Rollover IRA worth $7,100 and a Roth IRA worth $1,000. They are both at the same brokerage.

Is it wise for me to convert my Rollover IRA to my current Roth? What kind of penalties and taxes will I have to pay? Is there a better way to minimize taxes? Should I have the tax withheld or should I pay from the taxes/penalty from an outside source rather than from the IRA?

My current gross income is around 45k and in the 25% tax bracket.

]]> http://www.iraroth.net/2009/12/should-i-convert-my-rollover-ira-to-an-existing-roth-ira/feed/ 6 Is there any advantage to rolling my 401k into a rollover IRA instead of my existing traditional IRA? http://www.iraroth.net/2009/12/is-there-any-advantage-to-rolling-my-401k-into-a-rollover-ira-instead-of-my-existing-traditional-ira/ http://www.iraroth.net/2009/12/is-there-any-advantage-to-rolling-my-401k-into-a-rollover-ira-instead-of-my-existing-traditional-ira/#comments Tue, 01 Dec 2009 02:44:43 +0000 admin http://www.iraroth.net/2009/12/is-there-any-advantage-to-rolling-my-401k-into-a-rollover-ira-instead-of-my-existing-traditional-ira/ I have an existing traditional IRA and two 401k’s from previous companies. I’d like to consolidate accounts.

Is there reason I should roll the 401k’s into a rollover IRA instead of directly into my existing traditional IRA?

Are there any consequences regarding maybe later converting the IRAs to Roth IRAs later?

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