Asking the wise men and women of this board since I have not done any Roth conversion so far.
Scenario: My wife and I have an IRA since the 1990's that is mainly non deductible IRA in Schwab and invested in Schwab index funds +/- some equities. Puttering along.
Secondly, a SEP IRA in a brokerage that I could only contribute for 2 years when I stated my practice. After that, the other employees were unwilling to join and I stopped contributing to it. Doing OK.
Current problem: I worked for a multispeciality group for 7 years before I opened my practice. There was a minimal match, so I contributed to it. I have left it with the same 401K management company for 16 years even though I have not been employed by the group (procrastination and being very busy starting a solo practice). This July the practice was bought out by a hospital and I got a notice that the retirement plan is being terminated and I have until 11/15 to initiate a roll over into my own retirement account.
When I attempted to see if can open an IRA account with Vanguard, where my daughter had UGMA account it gave me two options - traditional IRA and conversion to Roth while doing the transfer. Since the amount was only $45K I though of doing the 401K to Roth conversion for this account and paying the capital gains tax on the gains. But then I have 2 other IRA's and I wondered if the rules prevent only one of the retirement plans to be converted to the Roth, keeping the other 2 unchanged. Or am I only allowed to roll over to a traditional IRA in this scenario.
I think this board is more knowledgeable on Roth conversions than my CPA. And he has a vested interest into steering me to the load funds that gives him an incentive for enrollment.
Thanks y'all.
Scenario: My wife and I have an IRA since the 1990's that is mainly non deductible IRA in Schwab and invested in Schwab index funds +/- some equities. Puttering along.
Secondly, a SEP IRA in a brokerage that I could only contribute for 2 years when I stated my practice. After that, the other employees were unwilling to join and I stopped contributing to it. Doing OK.
Current problem: I worked for a multispeciality group for 7 years before I opened my practice. There was a minimal match, so I contributed to it. I have left it with the same 401K management company for 16 years even though I have not been employed by the group (procrastination and being very busy starting a solo practice). This July the practice was bought out by a hospital and I got a notice that the retirement plan is being terminated and I have until 11/15 to initiate a roll over into my own retirement account.
When I attempted to see if can open an IRA account with Vanguard, where my daughter had UGMA account it gave me two options - traditional IRA and conversion to Roth while doing the transfer. Since the amount was only $45K I though of doing the 401K to Roth conversion for this account and paying the capital gains tax on the gains. But then I have 2 other IRA's and I wondered if the rules prevent only one of the retirement plans to be converted to the Roth, keeping the other 2 unchanged. Or am I only allowed to roll over to a traditional IRA in this scenario.
I think this board is more knowledgeable on Roth conversions than my CPA. And he has a vested interest into steering me to the load funds that gives him an incentive for enrollment.
Thanks y'all.
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