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Financial Planning / Tax Strategies
|Subject: tax advantages to rolling-over?||Date: 10/8/2012 2:31 PM|
|Author: hondochica||Number: 116765 of 121219|
I have heard that there are tax advantages for rollovers that will be ending this year. don't know what they are - am not terribly investment/tax savy . .
My question: should I convert/rollover any or all of these to an IRA (presumably ROTH) this year? I'm 50 y/o; expect to work many years yet!
(is there another board I should post this at? foolish 401ks??)
Here's what I got:
an ESOP directed account with a former employer: @ $5900 vested balance; now all cash no stock; 3 fund options - good returns low expenses
a 401k savings with the same former employer: @ $5600 vested; several fund options - different classes, good returns low to mod expenses - none above 1.23%
an inherited IRA worth @ $6000; first acquired this year; first RMD will be Nov 2012. Need to move this to another brokerage or rollover or something - do not like fees at Prudential. I realize if I 'roll' this it will be a 'distribution' (?) with taxes paid in full now. I expect that my tax bracket at retirement will be near what it is this year - low.
an old Traditional IRA - $4000 -
I am self employed; also have an HSA (if that matters but I doubt it) and a SEP, and a Roth IRA. I expect to earn no more than @ $30k gross this year - after all personal/bus deductions - probably @ $20k net? Very low tax bracket! I expect next year's income to be significantly more: >$60k + ?? maybe $80K?
Thanks in advance
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