401K, SEP-IRA, and a Roth? I have job that offers a 401K plan (no matching). I have a side hustle as a sole proprietor. And I have some cash. Do the IRS limits on 401Ks, SEP-IRAs and Roth IRAs conflict or influence each other? Or can I max them all out? submitted by /u/FionaRRR

pension conversion to an IRA Hello all. I recently discovered that I have a pension from a job that I had 30+ yrs ago. This is found $$ , albeit small , it was a great surprise. (pre-tax lump sum $30K ish..) I will be sending this money to a new Vanguard IRA account. Can I convert this to a Roth IRA once it is at Vanguard? I understand the 5 year rule, no problem, as I plan…

Backdoor Roth IRA and Pro-Rata rule I’m trying to determine if it makes sense for me to do a backdoor Roth. My main concern is the Pro-Rata rule and if it applies to me. I have money in a traditional IRA. However, this is ONLY pre-tax contributions as the full amount is the result of 401K conversions to an IRA after leaving jobs. I have never contributed a dime of after-tax money …

Can I transfer SeP IRA funds to Roth or Traditional IRA? Was 1099 about 5 yrs ago and funding SEP IRA up till 2019. Now w2 and obviously can’t fund the SeP IRA. Can I move that to my Roth or Traditional Ira without any penalty? submitted by /u/oclookin

Moving IRA from Betterment to other. I’ve $65K in IRA account in Betterment, wanted to avoid fees anymore, planning to move to M1Finance or Charles schwab or Fidelity, I believe they all have no fees IRA portfolio mgmt. I hope I can do a kind transfer and not sell and re-buy at the other fin. Institution. Any recommendations on where I can open other account. Btw, I do have an HYSA…

How to retire early with Roth IRA I have been investing for the last 20 years into this Roth IRA, I have been very fortunate and had made some great buys mostly within the last 8 years. the gains on my account had become more than I ever thought possible (mostly thanks to nvidia) I’m 41 years old and my account has 2.3 million, I have been working union construction since I got …

Rebalance IRA portfolio Hi, I think I should rebalance my IRA portfolio. I’m pretty sure I have too much in Apple. Any tips for how to rebalance? Thanks. Edit: I want to change my asset allocations, not rebalance. Wrong terminology on my part. Edit: Tried to include a picture but it won’t work. See table below: Symbol Description Quantity Price Day’s Price $ Chg % C…

IRA/401k recommendations? I’ll preface this with – I am new to saving and new to being a responsible adult. I’m 35, married with two kids. I have worked for almost the last 10 years to get done with school and get a decent paying job. I finally have my license as a therapist and I’m working as a 1099. I am currently bringing in around 80-85k gross, I am paying quarterly …

Mid 50’s just opened a Roth IRA. Some people say choose your own stocks to Invest in. Im confused..Any ideas? submitted by /u/iicec

Roth Rollover – 401k or IRA Question: I’m starting a new job and have ~$25k in my old employers Roth 401k. Should I rollover to a Roth IRA and start my new 401k as traditional? Edit: OR should I just stick with Roth 401k? Background: I’ve been contributing to Roth 401k for about 5 years with salaries from $45-75k, so in the lower tax brackets. I’ve always gotten the advice…

Opening a Roth IRA with vanguard Hey I was hoping someone could point me in the right direction. I recently started my first full time job and figured I should start putting some money away in a Roth IRA so I opened an account with vanguard earlier this week. I wanted to start investing in a Roth IRA but realized I put my money into a Roth IRA brokerage account. I understand th…

Roth IRA – Charles Schwab I’m trying to contribute to my Roth IRA on Schwab for 2023 and it’s saying it’s past due. Is the April 15th deadline tonight or once it hit the 15th, as in this morning? If it’s tonight, why isn’t it letting me / are there any other platforms that will let me contribute today before the deadline. submitted by /u/timboslice8902 …

How do I report the money my 9 year is making for dog walking? I want to match it a Roth IRA. My daughter will make between $300-$800 the whole dog walking. I want to match that in her Roth IRA. How do I report her income? Will I have to pay Social Security taxes on it? Do I report her income on my taxes? Note: I was just advised that if she reports over $400 for the whole year, that she will have to pay SS taxes. So she will be earning …

Roth IRA at 18? What do I do? I turned 18 last month and I have been wondering about opening a Roth IRA. I am not too well versed on how exactly it works, all I really know is the money is taxed now and I get it when I retire untaxed. I also heard I could take some out for buying my first house, but I am not 100% sure if thats true. Other than that, I dont really know how it…

Can I contribute to an IRA without any tax consequences? I have a SEP IRA from an old employer retirement plan. My new retirement plan is a 401k, but I cannot roll my SEP IRA into it (I’ve double checked and my plan doesn’t allow for it). The plan also does not allow for mega backdoor Roth conversion and I make above the contribution limit for direct contributions to a Roth IRA. I am thinking about j…

Do I have to pay taxes on the amount of my traditional IRA I convert to a Roth IRA? Vanguard shows this warning before I convert (“Remember, you will be responsible for paying taxes due on the amount you convert.”) Weren’t my taxes already “paid” since it’s coming out of my paycheck which was already taxed? Or do I have to pay double tax? submitted by /u/windtrainexpress

What to do with an Inherited IRA at tax time I am now the beneficiary of my father’s IRA – he died in 2021. I received a 5498 IRA Contribution form. The transition from his account to mine happened in 2023. Do I owe taxes on this? submitted by /u/naominnn

Moving states this summer and my wife is a teacher, should we transfer her 403b into an IRA? There is a possibility that we move back to this state in the future but it is not certain. She already has a Roth IRA with vanguard and my plan was to put this 403b money into a traditional IRA. Has anyone left money in a 403b and are there any benefits other than if you move back to that state in the future? For reference, we have two children…

I made too much money last year but contributed to my Roth IRA Sorry if this sounds dumb, I’m just so confused. While doing my taxes, FreeTaxUsa told me I made too much money and that I needed to transfer the $6500 contributions I made to my Roth IRA last year out before the tax deadline. I followed the advice I found online. Re-characterized the $6500 + earnings from my Roth IRA to a Traditional IRA (via…

Roth IRA & 401k????? I am 26. I have a 401k through work that I contribute to 15% of my income and have a 3-4% employer match. I just opened a ROTH IRA account for long-term investment. My question is, is it a good idea to have both? Or is it better to keep contributing to my individual investing account instead of ROTH IRA so I can also be able to cash it out whene…