I opened a tIRA several years ago with Wells Fargo when I worked for a company that offered no retirement plan. My current company offers a 401K plan with employer match, which I contribute enough into to get the full match. I had been putting a little bit of money into the tIRA - about $50 per month, just so it wasn't sitting there doing nothing. It currently has $2733 in it and is earning basically nothing in interest (7 cents last month.)
Here are my questions:
I cannot roll it into my 401K, can I?
I'll have to pay a penalty and file it as income for this year if I take it out and put it into another account, correct? (I'm 28 years old and live in Virginia.)
Do you think it would be worthwhile to move it to another account (i.e. Vanguard or something similar)? Or would I be better off to just leave it with Wells Fargo?
Is there something totally different I should do with the money (like invest it in the stock market?)
Any insight would be appreciated!