Hi,
Newbie here, read all the blogs/forum and still a little confused, any help would be appreicated.
Current Accounts
Vanguard Rollover IRA - $50,000
Vanguard Roth IRA - $235000
Employer 401k - $65000
* My employer does allow rollover to 401k.
Questions
1. Is it still possible to convert $5500 from Rollover to Roth for 2017 tax year? Then the remaining rollover IRA to 401k, or does that have to be completed before calendar year 2017.
2. Do I have to pay any taxes (on the front end, this year) for transferring funds from Rollover IRA to 401k?
I assume I would be taxed when I withdraw from the 401k, so I shouldn’t be taxed 2x.
3. If I file jointly, but my wife has a Rollover/Traditional IRA, does that prevent me from doing a Rollover IRA?
Thanks.
Newbie here, read all the blogs/forum and still a little confused, any help would be appreicated.
Current Accounts
Vanguard Rollover IRA - $50,000
Vanguard Roth IRA - $235000
Employer 401k - $65000
* My employer does allow rollover to 401k.
Questions
1. Is it still possible to convert $5500 from Rollover to Roth for 2017 tax year? Then the remaining rollover IRA to 401k, or does that have to be completed before calendar year 2017.
2. Do I have to pay any taxes (on the front end, this year) for transferring funds from Rollover IRA to 401k?
I assume I would be taxed when I withdraw from the 401k, so I shouldn’t be taxed 2x.
3. If I file jointly, but my wife has a Rollover/Traditional IRA, does that prevent me from doing a Rollover IRA?
Thanks.
Comment