Hi, my spouse currently stays home (mostly - limited part-time work). He has a 401k from a prior employer with about $6300 that I want to move to Vanguard. We'd like to have do a backdoor Roth IRA for him in future years to diversify our retirement savings and have some of it in his name. We have a SEP-IRA currently in my name that I will be converting to a solo 401k in 2017. I expect my income to be about 8% lower in 2017 than it is this year.
Does the following plan sound reasonable:
Convert his 401k to IRA NOW. In 2017, convert IRA to Roth IRA.
Or should I just convert it to a Roth IRA now even though our 2017 income will be a bit less? Does it matter that I have a SEP IRA currently?
Thanks for your help!
Does the following plan sound reasonable:
Convert his 401k to IRA NOW. In 2017, convert IRA to Roth IRA.
Or should I just convert it to a Roth IRA now even though our 2017 income will be a bit less? Does it matter that I have a SEP IRA currently?
Thanks for your help!
Comment