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Posted by Default User on June 12, 2008, 5:40 pm
Elle wrote:
> > Mike wrote:
> > > I'd like to combine them all into one account and have
> > > someone with more time/knowledge manage it for me and help me
> > > get the amount to where it should be.
> >
> > There's a problem. To combine into one account, it would have to
> > be a Roth.
>
> One can rollover old 401(k)s (where the contributions were all tax
> free) to a single Traditional IRA (or multiple TIRAs, if one wishes)
> and pay no taxes. --------------------------------------
Yes, but one of the three accounts he was describing was a Roth.
Brian
--
If televison's a babysitter, the Internet is a drunk librarian who
won't shut up.
-- Dorothy Gambrell (http://catandgirl.com)
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Posted by Elle on June 12, 2008, 7:20 pm
snip; look back
> Yes, but one of the three accounts he was describing was a
> Roth.
Well you drug ;-) the OP down that path by not mentioning
that he can avoid the taxes and have all his funds held at
one institution in a TIRA and Roth IRA. Technically two
accounts but this would all be under his name at the one
institution.
Or if one wants to get technical about it, he could withdraw
his contributions without penalty from the Roth and likely
end up just having the TIRA. All to get "one account." But
this would be silly.
It seems clear to me what the OP wants (or should want, so
as to minimize taxes) is to have all his funds at one
institution in a TIRA and RIRA and which under his direction
will manage it all under his name as if it were one big
portfolio. Which it is.
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Posted by Default User on June 12, 2008, 7:58 pm
Elle wrote:
> snip; look back
> > Yes, but one of the three accounts he was describing was a Roth.
>
> Well you drug ;-) the OP down that path by not mentioning that he can
> avoid the taxes and have all his funds held at one institution in a
> TIRA and Roth IRA. Technically two accounts but this would all be
> under his name at the one institution.
I did in a follow-up. I got it right eventually.
Brian
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Posted by joetaxpayer on June 12, 2008, 5:26 pm
Default User wrote:
> There's a problem. To combine into one account, it would have to be a
> Roth. As 401(k)s are tax-deferred that means you'd have to pay taxes on
> the $34k in the two rollovers. Do you have the money to do that?
> Remember that the additional funds might move you up a tax bracket.
> It's best not to pay the taxes out the accounts themselves.
What? One can rollover from a 401(k) of a previous employer into a
traditional IRA. A Roth has nothing to do with it.
Of course one can convert to a Roth, but that's not part of what must be
done to combine old 401(k)s. Converting 401(k) to traditional IRA has no
tax consequence, if done right.
Joe
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Posted by Default User on June 12, 2008, 5:41 pm
joetaxpayer wrote:
>
>
> Default User wrote:
>
> > There's a problem. To combine into one account, it would have to be
> > a Roth. As 401(k)s are tax-deferred that means you'd have to pay
> > taxes on the $34k in the two rollovers. Do you have the money to do
> > that? Remember that the additional funds might move you up a tax
> > bracket. It's best not to pay the taxes out the accounts
> > themselves.
>
> What? One can rollover from a 401(k) of a previous employer into a
> traditional IRA. A Roth has nothing to do with it.
He wanted to combine all the accounts, two 401(k)s and a Roth. Reread
the original message.
Brian
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