Is it too late for a Vanguard Roth conversion?

[Ronstar]

I forgot to do my Roth conversion. It's 4:30 CST and I'd like to do a Vanguard Roth conversion. I already have a Roth acct.

Just wondering if this transaction will be a 2020 transaction if I pull the trigger on it now, or if there is some sort of delay that would make the transaction a 2021.

I've been on hold waiting for Vanguard to answer this question.

 

[Dash man]

There’s nothing preventing you from doing it as long as it’s done before close of business tomorrow, which is probably 1:00 EST.

 

[SecondCor521]

I do Vanguard Roth conversions on their web site with no withholding and move mutual fund shares. When doing this particular kind of Roth conversion, my transactions execute at the next close of the NYSE.

It appears that the NYSE is open tomorrow. It also appears that they are open for a full day, but they may close early because of NYE.

If you are doing the same kind of Roth conversion as I do, and the market is in fact open tomorrow, then I would expect your transaction to post with a 12/31 date on it and count as a 2020 transaction.

You could put the instructions in anytime tonight. Personally I wouldn't wait until tomorrow afternoon since it's unclear when the markets close tomorrow, at least to me it is.

 

[Ronstar]

Thanks - I pulled the trigger. Still waiting on hold with Vanguard - just to see how long it takes them to answer. Now at 1hr 55 mins.

 

[UnrealizedPotential]

Wow, 1 hr 55 min wait, that's crazy. I was wondering if Vanguard has online chat? I have Schwab, and if you log on to their website, you can chat online with a live customer service representative. It is much easier and faster in some circumstances. Does Vanguard have this? Not sure if during holiday season it would be faster, but it would be something to try if it was available for Vanguard.

 

[Ronstar]

^ Thanks for the chat idea. I'll check to see if Vanguard has online chat - next time. I'm a little pissed at Vg right now. 2hrs 10 mins and counting.

 

[Gumby]

The NYSE closes early tomorrow (2:00 pm EST).

 

[Ronstar]

^Thanks - my receipt says that the transaction will take place 12/31/2020.

I think that Vg has closed down their phone support for the holiday. I'll know that's the case if I'm on hold for a few days.

 

[FDC319]

Interesting comments about the hold time.

I had a call in with them this afternoon that was grand total 18 minutes. 5 of which were going over my situation.
Granted this wasn't to make a transaction so maybe different people, just inquiries about TSP rollovers.

 

[Sunset]

One nice thing about TD Ameritrade is I can do a roth conversion on the website as long as both accounts are with them.
Takes around 3 minutes , and the money is moved and done.

 

[SecondCor521]

Interesting comments about the hold time.

I had a call in with them this afternoon that was grand total 18 minutes. 5 of which were going over my situation.
Granted this wasn't to make a transaction so maybe different people, just inquiries about TSP rollovers.

Maybe you dialed the upstairs number and the OP is on the downstairs line? (*)

One nice thing about TD Ameritrade is I can do a roth conversion on the website as long as both accounts are with them.
Takes around 3 minutes , and the money is moved and done.

Ditto Vanguard. The OP is taking longer because they want to ask an actual person a question.

(*) https://www.youtube.com/watch?t=125

 

[RunningBum]

My conversion at VG yesterday morning was completed today. When I checked last night around 11pm it was still showing as pending and the funds were still in my tIRA.

 

[FDC319]

Maybe you dialed the upstairs number and the OP is on the downstairs line? (*)



Ditto Vanguard. The OP is taking longer because they want to ask an actual person a question.

(*) https://www.youtube.com/watch?t=125

Oh I'm about as downstairs a person at Vanguard as you can get.

Concur with the ditto on Vanguard--due to my own mistakes earlier this year I had to re characterize a Roth contribution and then backdoor it. Convenient button in my account to do so.