Convert Rollover IRA to Roth IRA (STEP-BY-STEP TUTORIAL AT FIDELITY)
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Damn she's cute
what happens if you don't pay tax now on your conversion? Do you pay for it later when you cash out?
Very informative. Fidelity's website can be a bit confusing at times so this was helpful
Thank you for the information. It was simple and right to the point.
Thank you!! I had a rollover ira from a previous employer and wanted to move to a Roth IRA and the video helped me a lot
I know this video is more like a year old I hope it could be the same rule here! If I transfer a Roth-to-Roth from Prudential to Fidelity, I believed I already get taxed on it, at 5:16 (where I need to check one, Pay Tax or Not Now) I can't check any of these options bc it doesn't apply in my situation. How should I proceed? And does it sound right?
can i rollover my traditional ira from a different institution to a fidelity roth ira? or do I have to first open a fidelity traditional ira account, do a trustee-to-trustee transfer into the new fidelity account, then rollover the fidelity traditional ira into a fidelity roth ira?
Very helpful. I was a little apprehensive about doing this but after watching your video it was easy. Thank you.
Warning, the amount you convert from RO IRA to ROTH IRA will be added to your W-2 income and might move you up to the higher tax bracket . Only do ROTH conversion when your income is the lowest and before 72 yo.
Can you plz explain how to pay taxes on converted amount?
Hi I just lost my job and have rollover my 401k to Ira at fidelity. I am unemployed now. How long should I wait to roll over the Ira to the roth Ira, and when will I be paying for these taxes?
I have stocks in my rollover ira account. Can I rollover those stocks to my Roth IRA?
Is there any wait time required for any of these rollovers? For example if you first roll your 401(k) into a rollover IRA, do you have to wait any period of time before you then roll your rollover IRA to a Roth IRA to convert?
I have 100K in traditional ira in the sp500 index fund. I only want to convert 30K into the roth ira ( I want to stay in the 12% tax for overall taxable income which I believe is approx 80k). Can I do a partial without selling the shares in the sp500 index? I also have other asset in the traditional ira. Does the transfer function allow you to enter dollar amount or percent to move to roth ira?
Thank you for the video. I just transferred/converted my traditional IRA to Roth IRA. I have a question concerning tax. I moved $50k to Roth. I chose to pay tax later bypassing the 10%
penalty. Now that I have the 50k in Roth let say my investment gained 50k. My total now is 100k. Keep in mind I haven't paid tax yet. So now its the end of the year and tax is due.
Do I pay tax based on the 50k originally converted over to Roth or am I taxed based on the 100k? Does this make sense?
I am thinking I have to pay tax at end of year based on the 100k because remember, I chose not to pay tax from the get go when I converted.
so if i convert 20k to my roth from my rollover ira, will the 20k will be added to my ordinary income at tax season and thats what ill owe? So if i make 50k, that means this year I am taxed as if i made 70k to figure out the tax bracket for what i will owe on the 20k at the end of the year? Thanks in advance!
I feel like this video should place a Warning on the Tax implication, cause a Fidelity advisor has given me fair warning on this. If your balance on your traditional IRA is high, this one-time conversion would incur a High taxable amount, better have a lot of cash ready for the IRS to do this.
I just created my Roth IRA but when I try to transfer the funds from my rollover IRA I don’t see my Roth IRA in the drop down menu
Hi Cherry, I have $6000 in my Traditional IRA, I want to convert to Roth IRA, how much do I need to pay tax and when/how to pay if I choose “I dont want to pay now”? Thank you for your help. I love your chanel
Thank you for making this video. If I understand correctly, it wouldn't make sense for someone to do the Rollover IRA conversion to a Roth IRA if he or she is in the highest tax bracket. Only when this person reduces their income is when they should do the conversion since they will be in a lower tax bracket. Would this also apply to a backdoor Roth IRA?
Wonderful and easy to follow along video! I, thank you! =-)
I have stocks in my IRA account and want to convert to stocks Roth IRA account without selling them. Can I do that? Or I have to sell all the stocks from IRA account and then transfer to Roth IRA account
Hi Cherry, Nice video but confused about one thing. At the 5:07 mark, you select I do not want to pay taxes now to avoid liquidating the account to avoid the 10% penalty. My goal is to roll over my existing fidelity 401k before tax into a ROTH IRA. The goal is to pay the taxes now, especially since Biden is considering a flat 26% tax rate on before-tax 401k distributions. Why would you be penalized the 10% early withdrawal fee when you and converting into another retirement account? I read you have 60 days to complete a rollover with no penalty. Thanks for your time and info.
Loved the video! Thanks so much! Can you please explain how the taxes "now vs later" options work? This means a rollover to a roth will be taxed even without withdrawals?
will I need to fill out a Form 8606 for making this conversion?
Don't you have to claim the original amount on your income tax then for that years income? Somewhere else they mentioned that we would.
Just to clarify, if you have a rollover IRA (rolled over old 401k last week ago), I can just transfer all the pre-tax money to the newly opened Roth IRA as long as I declare the income on next years taxes? Do I have to have the “rolled over” money in the rollover IRA for a certain amount of days before I transfer it to the Roth? And last question, does the “rolled over” money count toward annual contributions in the newly opened Roth IRA?
Thanks for the video!! Liked and subscribed.
How do you know what tax penalty you have to pay?If you had a $200K account you would have to pay a 10% penalty it would be 20K.
Our income exceeds the limit and so we were trying to do a back door Roth IRA. Why are we seeing the tax question on the conversion screen Fidelity when our tradition contribution is post-tax money? Thanks