harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I've got a 401k with my former employer that I'm finally getting around to rolling into my Vanguard IRA. However, I had to do an address change and they froze the process for 15 days to make sure I'm not a scammer. No problem there.
However, it seems I've got about $10.5K in after tax or non-qualified dollars in there. I guess I over-invested whatever the limit was back in the early days. So the rep I was talking to told me I could either roll the money into the IRA and keep track of it for the rest of my life, or they could send me a check, no penalty, no taxes.
That is probably what I'll do, but then I got to thinking: "Could I roll this money into a Roth IRA directly since it's already been designated as IRA-type money?" I've got very little in Roths, because I've seldom qualified either to invest or to roll over. And the little I managed to get invested into one got nearly wiped out in the tech bursting bubble of 2000.
I asked my accountant friend, and he said he didn't know. He's going to check into it for me, but I thought one of the geniuses who frequent this board might have a clue. Any help would be appreciated.
However, it seems I've got about $10.5K in after tax or non-qualified dollars in there. I guess I over-invested whatever the limit was back in the early days. So the rep I was talking to told me I could either roll the money into the IRA and keep track of it for the rest of my life, or they could send me a check, no penalty, no taxes.
That is probably what I'll do, but then I got to thinking: "Could I roll this money into a Roth IRA directly since it's already been designated as IRA-type money?" I've got very little in Roths, because I've seldom qualified either to invest or to roll over. And the little I managed to get invested into one got nearly wiped out in the tech bursting bubble of 2000.
I asked my accountant friend, and he said he didn't know. He's going to check into it for me, but I thought one of the geniuses who frequent this board might have a clue. Any help would be appreciated.