New answers tagged roth-ira
4
A Roth IRA is a tax sheltered Retirement account. It differs from a traditional IRA in terms of when taxes are paid.
It might help to explain by illustrating the two types of account:
With a Traditional IRA, you can pay money into it (subject to conditions) with money from your payroll without paying your regular income tax on the money (if you do, you ...
1
Rather than have this relatively small account laying around,
requiring periodic monitoring and maintenance, I'd rather roll it onto
my traditional IRA. Is this possible?
Another option is to do a transfer to another trustee. The money will still be a Roth IRA, it will just be managed by a different trustee. A trustee should be able to handle multiple ...
6
No, you cannot convert or roll over a Roth IRA directly to a traditional IRA. At best, you could withdraw funds from the Roth IRA and contribute them to a traditional IRA. This is mostly pointless because: (1) You will owe taxes and penalties on the Roth earnings if you're under 59.5, which you won't owe if you keep the money there until retirement. (2) If ...
0
If you already have an established Roth IRA into which you contributed money in earlier years when your income was lower, there is no need to roll that money (or any of the earnings/gains on those contributions for that matter) into a Traditional IRA. You are entitled to have and to hold that Roth IRA for as long a you like. Now, if you put money into your ...
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