Originally Posted by Animorph
So Fidelity may indeed close your tIRA (I don't know their exact timing), but you can open a new tIRA and recharacterize into it very easily if you need to.
I made the conversion today, and asked beforehand. She said it would stay open for 'a few months'. I'm pretty sure I won't need to rechar anyhow, and it does sound like just opening a new one isn't a big deal.
Originally Posted by kaneohe
but if they close the account, and you open a new one, you'll still have the same number of accounts.......unless you're also tracking closed accounts. Schwab also leaves 0 balance accounts open until you can't stand it and ask them to close it. Same w/ VG is my experience.
I'm not opening a new Roth, I already have both a Roth and a tIRA at Fidelity. So if I convert the entire amount of the tIRA, it can be closed, one less account. But even if I rechar this year, I'll pull out the small remaining amount next year, and then it will be closed.
After this is done, I need to decide about rolling this and my Vanguard Roth together. Not sure which way I'll go - leaning to Fidelity though. I had generally preferred Vanguard, but when dealing with my FIL and MIL accounts, having the B&M office was an advantage.
Next year, do this dance with DW's tIRA and Roth.