No. of Recommendations: 0
BigArb: "I used to have a 401k with my old employer, when I left I converted it into a Roth IRA. I was wondering if my rollover counts as a contribution."

Technically, you first rolled the 401k to a traditional IRA (non-taxable event if handled correctly) and you then converted the traditional IRA to a Roth IRA (which is a taxable event). We hope that you paid the taxes due on conversion with funds outside the account. Rollovers are not contributions.

"I also was wondering if someone open a Roth is there initial deposit limited to 3000 dollar contribution for that tax year."

Generally yes, assuming that (1) you are not over 50 and (2) your (M)AGI is not in the phase-out range for contributing to a Roth IRA or over the limit for contributing to a Roth IRA.

Regards, JAFO

Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement