Sentences with phrase «then rollover the contributions»

If the rollover distribution from your traditional IRA was entirely in cash, then your rollover contribution to your Roth IRA must also be in cash.

Not exact matches

You can rollover the full $ 20k into a Roth IRA, pay the $ 5k extra in taxes (less painful if you just do extra contributions at work) and then have the full $ 20k in a Roth IRA where you can withdraw it in an emergency.

JA: So then the next question he asks is, when I retire, what is the contribution limit for a rollover to existing Roth IRAs?

If you take money out of your IRA and then run into a last minute snag that prevents you from using the money within this time limit, you're permitted to contribute the money back to your IRA (or to a new IRA) within the 120 - day limit and treat the distribution and contribution as a rollover.

But if you are going to talk about 401ks, then mention: 1) the benefits of tax - deferral 2) the typical increase in contributions via employer matching 3) the portability via rollovers to an IRA

A: If you convert the entire amount of all traditional IRAs you own, then the non-taxable part of your rollover distribution is simply the total amount of nondeductible contributions you made to all of those IRAs, less the amount of nontaxable distributions you received in the past.

Re: solo 401k: Does E-Trade allow for after - tax contributions, then potential immediate in - plan rollover from the after - tax sub-account to the in - plan Roth 401k («Mega back - door Roth»); if so, is there a limit on # times / year?

Yes, a Roth 401 (k) contribution would be the preferred method because then when you rollover the money from the Roth 401 (k) into your Roth IRA, you would also be eligible to rollover the growth on your contributions to the Roth 401 (k) account.

For example, if a $ 4,000 contribution was made and then a $ 6000 rollover to place then if $ 8000 was withdrawn then $ 4,000 would be the initial contribution and $ 4,000 would be part of the rollover.