Help me Convert Vanguard IRA to Roth IRA

[Kamban]

I have only a small retirement account, from my multispeciality group days where I had a 401K that I rolled over to a Vanguard IRA a couple of years ago.

I want to convert that to Roth. I want to make sure that I do it correctly. So I called up Vanguard. I was on the line for 1 1/2 hours on hold and yet no one came on the other end to help me. And this is in spite of me being a Flagship customer. Once I get this sorted out I think it may be time to move out of Vanguard due to really poor customer service.

So someone can help me the proper steps I may need to take in the right order to convert that IRA to Roth IRA. I tried to do it online and it led me in circles.

Thanks.

[GasFIRE]

I am not a VG customer but do you already have a Roth IRA account? That has often been the hangup for a first time conversion, need to have an account ready to receive the incoming funds.

[Hatton]

It is simple to do a roth conversion at vanguard. I was trying to open my account to tell you the exact steps but I entered the wrong 2 factor ID number and locked myself out. Now I have to call on Monday also. But if you open up your IRA account there is a button on the top that roth convert. You just click it and tell what you want to convert. Very simple actually.

[VentAlarm]

Click Balances and holdings then “convert to Roth” then you’ll have to click “ok” or “submit” or something twice and acknowledge that it’s a taxable event.

[Bmac]

I think the above answers are correct with the caveat that it might be necessary to open a Roth account first (in the event you currently only have the TIRA). I’m pretty sure you can do it online (or at least get the paperwork) and then submit via mail or possibly directly online.

[billy]

https://www.physicianonfire.com/backdoor/ skip to step 2, then its the same process, with screenshots

[Tim]

You mentioned moving from Vanguard because of service issues.
Hatton seems to have to wait until Monday.

I would suggest you call Fidelity and ask your question. If you want to consider moving a taxable of $1m, I will be glad to get a private client rep on the line and drop off to let you go about your business.
Service only counts when you need it.
800-343-3538
Plenty of time this year.

[Kamban]

Thanks to all.

I think I went through the button on the top to convert the IRA to Roth and I think it went nowhere. Then I think I went into opening a Roth and then try and move it and it wanted a checking account and routing number and all that when all I want is to just convert this IRA to Roth IRA.

Vanguard makes it so complicated. They have no one to answer the phones and there is no offices nearby. I have Schwab and once I get through this ordeal I am seriously thinking about moving all to Schwab.

[Tim]

Thanks to all.

I think I went through the button on the top to convert the IRA to Roth and I think it went nowhere. Then I think I went into opening a Roth and then try and move it and it wanted a checking account and routing number and all that when all I want is to just convert this IRA to Roth IRA.

Vanguard makes it so complicated. They have no one to answer the phones and there is no offices nearby. I have Schwab and once I get through this ordeal I am seriously thinking about moving all to Schwab.

877-519-1503
Might as well call. 5 minute wait or yours might be shorter, that’s new accounts. at Schwab. If you want customer service, make a call and just transfer the IRA. For you, “uncompensated frustration “. Pretty simple.

[Hatton]

Thanks Tim. I wrote down the schwab number. I usually do not have issues with Vanguard. I also have a small account at Fidelity.

[Kamban]

Quick update

Thanks to all of you, I did manage to somehow start a Roth IRA. But it would not let me roll over the other IRA for another 2 more business days. I finally got it going after a weekend. Still had no one answer the phone at the other end!!!.