529 to Roth to Withdrawal? Not sure how dumb this question is, but my dad set up a 529 for me long ago. Scholarships and G.I. Bill left me with 17 grand in it. I just bought a house, and I know you can pull 10,000 out of a Roth IRA for first time homebuyer. Can I roll the 529 into a Roth into a withdrawal? submitted by /u/kilrman9

Other options for a Roth IRA Hi this might be a stupid question but with Roth IRA or other retirement accounts, there are penalties for taking it out before turning 59. My wife and I are most likely going to be retiring way before that and I wonder if there are any other retirement accounts we could look into that are better suited for retiring early I guess? We would stil…

After tax contributions – can only do mega backdoor Roth 401k, not Roth IRA Hi, I already maxed out my trad 401k. I just learned that I can do after tax contributions thru my works retirement plan but I can only convert them into Roth 401k. I can’t move then into a Roth IRA unless I leave the company Is it still worth it to put them into a Roth 401k? Thanks! submitted by /u/Complete_Donkey9688

Roth 401k, Traditional 401k, Roth IRA Hi Everyone! I’m 22 and I just started working after graduating college. I’m still deciding how to set up my retirement and investment accounts and I was wondering if you guys could help. Should I go for a traditional or roth 401k? Should I also max out a roth ira at the same time? I also currently have an investment account (not for retirement)…

Transferred my Roth IRA I just recently transferred over my Roth IRA from an account with my small home town bank to fidelity. It took a long time for the funds to transfer but finally they are there. I’ve had this account for a couple years and contributed biweekly but never learned about the power of investing. I want to make sure I understand this correctly without …

I put 1k a month into my 401k and 500$ a month into my Roth IRA. Should I stop contributing to my Roth IRA and dump everything into 401k? I currently have 60k in my Roth IRA and almost 75k in my 401k. Fully funded emergency account. No debts besides mortgage. Age 31, I make $91,000 a year. submitted by /u/MoistYear7423

I have about 5 grand saved in a vanguard Roth IRA I have about 5 grand saved in a vanguard Roth IRA for long term use, where is the best place to allocate these funds? I was thinking a mutual fund? submitted by /u/tdepatto

Can I do a mega backdoor Roth if I’m still eligible to contribute to a Roth IRA this year? Title. Will be under for this year still to contribute to Roth normally but in next year(s) may not be and so I was looking to do mega backdoor Roth from my company’s 401k. However, if I just wanted to dump more into my Roth , can I still utilize the mega backdoor Roth? submitted by /u/MadMax_08

Is it wise to have both a Roth 401(k) AND a Roth IRA? I recently started my first job out of college, and have begun contributing to my employer-provided Roth 401(k). I plan to open an IRA account as well, but I’m wondering if it would be redundant to have two Roth retirement savings accounts. I don’t plan on pulling any money out until retirement, but obviously I can’t know what the future holds a…

Should I rollover my TSP into a Roth IRA? Hey guys, I have a leftover TSP from my time as a federal employee with $17k in it. I am no longer a federal employee and was wondering if it would be smart to rollover that 17k into a new Roth IRA that I am considering setting up. I am quite ignorant when it comes to retirement accounts, but I am trying to learn. Any help is appreciated. Also,…

Opinion on Roth vs traditional 401k Hello, I am just starting my first full time job post college graduation and am trying to set up my 401k. I understand the tax differences and advantages/disadvantages mathematically between trad/Roth, but what are y’all’s opinions on it? I have an IRA already that’s Roth, is it best to do my 401k as Roth as well because it seems better mathemat…

Short term tax pain for Roth Gain? I think I know the answer here but am hoping to get some better insight. Our family makes above the income limits for Roth IRAs. We would love to do backdoor Roths. The only thing stopping us is my wife’s orphaned Simple IRA. She’s a STAHM for the time being so we can’t roll it over into any other vehicle (that I’m aware of). The balance is arou…

Backdoor ROTH Tax Question I just funded a backdoor ROTH through my Fidelity account this year. I have no intention of taking out the money until I hit my retirement age. That said, my understanding is that at the end of this year I will need to file a tax form. What’s the tax form? Also, do I need to pay taxes on any of my contributions into it? I essentially already did…

Roth vs Traditional What are some legitimate reasons for having taxable income in retirement? I hear all the time you should have taxable income in retirement. But why? I don’t understand why some people are saying that it would benefit to NOT have all Roth? Wouldn’t having SS being your ONLY taxable income be the absolute most beneficial? Including HSA, Roth IRA, …

Roth IRA withdrawal rules Suppose my Roth IRA consists of the following: $25,000 in Roth IRA contributions + $5,000 in earnings $25,000 in Roth 401k rollover + $5,000 in Roth 401k earnings Am I correct that I can withdraw up to $50,000 tax and penalty free at any time for any reason, and I can withdraw up to $60,000 as long as I meet the 5 year rule and use it for a ho…

Roth 401k or Trad to start career? Currently starting my career and the pay is 86k to start so the tax is 22%. The career pay moves pretty fast and 100k -110k is the norm within 2-3 years. Is it better for me to just do traditional now or do a roth 401k and switch to trad when I make alot more? submitted by /u/YuriHaThicc

High-income catch-up contributions become Roth-only in 2026. Does that make catch-up contributions irrelevant if after-tax in-plan Roth conversions are available? Starting in 2026 catch-up contributions cannot be contributed pretax if you earn more than $145k. They must be Roth contributions. Why bother allowing/keeping catch-up contributions for those earning over $145k? It would be simpler to eliminate them. The catch-up Roth contribution and “after-tax contributions with in-plan Roth conversions” end …

I’m over the roth IRA income limit and already contributed $7k for 2024, how do I back door roth? Recently, my (non roth) investment have pushed me over the income limit for Roth IRA, and I already contribute $7k for 2024. assume My investment don’t plummet for the rest of the year, What’s my best course of action to minimize tax? I’m thinking withdraw $7k from Roth IRA. Then contribute $7k to trad IRA and do back door roth conversion. does …

Contributing to ROTH while Saving for my Wedding Hey Everyone, I’m 25(M), I live in NYC. I make an average of 3,450 a month take-home working in restaurants and contract work as both a book editor and social media director. Only about 850 comes through contract work and the rest of that is taxed already. I have a little over 7,500 saved in an HYSA. I didn’t really have the best saving habits …

Is it smart to have a Traditional and a Roth 401k? I live in a state that has income tax and make $15 an hour full time. My company matches up to 3% of my check. If put 3% each into a pre-tax and a roth account, that’s twice as much as I need to put to get matched. My question is since I’m in a low tax bracket would it be smart to do just a roth? Or since I don’t want to take my money out until …