Welcome! | Ask A Question

 
 
 
 
Question

Asked 10/13/2008

Transferring a Roth IRA Conversion Plan

I have had a Roth IRA Conversion Plan from Putnam since June 1998. I am a 47 year old working mother of a 7 year old and own a house. I opened this account with $5,000 and now I have less than $2000 as of September 30, 2008 and am not very happy. I want to pay less fees/commission and consolidate my mutual fund companies--I contribute to a 401k plan with Fidelity and have a couple of growth funds and one money market fund with Janus.

What should I do in this volatile market?

 
 
 
 
 
Answers

Answer 1/1 - Submitted 8/20/2010

You should speak to a financial consultant, one who is certified to offer professional advice. If you don't want to pay the small consulting fee, or you don't know how to find a good consultant, take advantage of companies like Charles Schwabb where investment planners will talk to you about your options in order to get you as a customer.

If you are wanting to close this $2k account, one option might be to roll it into a regular IRA first, recover the taxes you paid on the original $5K (you pay upfront taxes on Roth contributions), and then roll the regular IRA back into a Roth, now paying taxes just on the $2K that remains.

Again, talk to a professional who is certified to guide these decisions and who can fully understand your current life situation and the volatility of the market.

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
401k rollover to roth ira with agi limit

I have a 401k from a previous employer that i want to convert into a roth ira. unfortunately i am not eligible to contribute based on income limits above 120k. it seems the rules changed in 2010 and allow the conversion, but not contributions without first contributing to another ira? i need help...

See Answers

 
How do you calculate taxes coverting 401k to roth ira

I want to convert / rollover a 401k to a roth ira. how do you calculate the taxes? are they due at time of conversion or when you file your tax return? thank you!

See Answers

 
Hi, i am a complete investment novice and i was simply wondering which ira, roth ira or 401k would be most beneficial for me....

I am currently 22 years old and i am a full time nursing student. i will receive my bsn by spring 2010. at the moment, i work as a server at a restaurant. my goal this year is to save up $5,000 so that i can invest it into a retirement plan. which retirement plan would work best for my situation?

See Answers

 
Related Questions

401k rollover to roth ira with agi limit


I have a 401k from a previous employer that i want to convert into a roth ira. unfortunately...

 

How do you calculate taxes coverting 401k to roth ira


I want to convert / rollover a 401k to a roth ira. how do you calculate the taxes? are...

 

Hi, i am a complete investment novice and i was simply wondering which ira, roth ira or 401k would be most beneficial for me....


I am currently 22 years old and i am a full time nursing student. i will receive my bsn by...

 
 

What are the rules and tax consequences of rolling over a 401k to a roth ira?


I recently changed jobs and will be rolling over my 401k from the past employer to either...

 

Can you roll over my 401k to a roth ira?


I have several 401ks that i would like to combine into my roth ira, can i do this with out...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: