Skip to main content
No. of Recommendations: 0
Hi all,

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.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
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.