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Rollover IRA just like Traditional?
Old 04-06-2006, 12:51 PM   #1
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Rollover IRA just like Traditional?

I know the difference is that you transfer your assets from your employers plan for you, but does it work like a Traditional after transferred?

Is their anyway to transfer Rollover or convert it into a ROTH IRA?
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Re: Rollover IRA just like Traditional?
Old 04-06-2006, 12:57 PM   #2
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Re: Rollover IRA just like Traditional?

I believe the only difference between a "Rollover IRA" and a Traditional IRA is that you can roll your Rollover IRA funds back into another 401(k) plan at some time in the future should you so choose.

Other than that, I think that "Rollover" and non-Rollover Traditional IRAs are subject to the same rules for converting to a Roth. I haven't done that process but I'm sure others will post who have ...
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Re: Rollover IRA just like Traditional?
Old 04-06-2006, 01:01 PM   #3
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Re: Rollover IRA just like Traditional?

Would you recommend to convert them to a ROTH IRA
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Re: Rollover IRA just like Traditional?
Old 04-06-2006, 01:11 PM   #4
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Re: Rollover IRA just like Traditional?

Yeah, you can convert your rollover IRA to a Roth if you meet the income requirements for conversion. See IRS publication 590: http://www.irs.gov/publications/p590/index.html

As to whether you should, it depends on you own situation (how old you are, your income, etc).
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Re: Rollover IRA just like Traditional?
Old 04-06-2006, 01:12 PM   #5
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Re: Rollover IRA just like Traditional?

Quote:
Originally Posted by frujinator
Would you recommend to convert them to a ROTH IRA
If your AGI is under $100k you can do the conversion. I'd do it if you pay the tax due on conversion from after tax $$$ and are in a low tax bracket. Most mutual fund companies have a ROTH conversion calculator to see it its worth your while, TIAA-CREFs is at.

https://www3.tiaa-cref.org/iracalcs/conversion_calc.jsp
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