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|Subject: Rolling over multiple IRAs||Date: 12/31/2013 9:57 PM|
|Author: luke77||Number: 74038 of 77112|
I'm trying to get my parent's retirement accounts in order, and I have a question about rolling over IRAs. Both my mother and father each have multiple IRAs (and 401ks) from past employers. Some of the IRAs are Roth and some are Traditional. I'd like to roll over all of their past retirement accounts into one brokerage so that everything is one place and somewhat organized.
However, I'm not sure whether I can do this. For instance, my mom has two Roth IRAs, three traditional IRAs, and a 401k, all from previous employers. I've opened a rollover IRA at a brokerage, into which I want to transfer these IRAs. But what is a rollover - a Traditional IRA or a Roth? If it is a Traditional IRA, I can't move the Roths into the rollover, because then she would end up paying taxes on withdrawals. If it is a Roth IRA, I can't move the Traditional IRAs of 401k to it (without paying taxes on the distribution), because then she would not pay taxes on the contributions or the withdrawals. And it seems like I can't combine the Traditional and Roth IRAs into one account since they are different types of accounts.
So which type of IRA is a rollover? Is there a way to do what I want to do, which is basically combine all of my mother's accounts in one brokerage? I'd even be ok setting up two accounts, a 'Rollover Roth' and 'Rollover Traditional', if that can be done.
Thanks for any advice.
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