Had a rollover question for any advisors or anyone else in the know.
Earlier this year we parted ways with our financial advisor, and took our accounts from his firm to vanguard to cut back on fees.
Accounts transferred included a rollover IRA from my wifes old job, and a rollover IRA from my first job after residency both into respective vanguard rollover IRAs.
Now, I would like to roll these accounts into my current employers 403b, and my wifes current 401k, allowing us to take advantage of the backdoor roth.
Am I able to do that in the same year without committing a multiple rollover penalty?
From the IRS website https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions
I saw this:
The one-per year limit does not apply to:
My interpretation is that there would be no penalty then? Just wondering if anyone has a clear answer on this?
If not, i'll probably just wait until 2018 and then do the rollover, to avoid incurring any penalty.
thanks for any help!
Earlier this year we parted ways with our financial advisor, and took our accounts from his firm to vanguard to cut back on fees.
Accounts transferred included a rollover IRA from my wifes old job, and a rollover IRA from my first job after residency both into respective vanguard rollover IRAs.
Now, I would like to roll these accounts into my current employers 403b, and my wifes current 401k, allowing us to take advantage of the backdoor roth.
Am I able to do that in the same year without committing a multiple rollover penalty?
From the IRS website https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions
I saw this:
The one-per year limit does not apply to:
- rollovers from traditional IRAs to Roth IRAs (conversions)
- trustee-to-trustee transfers to another IRA
- IRA-to-plan rollovers
- plan-to-IRA rollovers
- plan-to-plan rollovers
My interpretation is that there would be no penalty then? Just wondering if anyone has a clear answer on this?
If not, i'll probably just wait until 2018 and then do the rollover, to avoid incurring any penalty.
thanks for any help!
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