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| foxnstocks |
 Posted: Thu Mar 03, 2005 4:24 am Post subject: I opened the "wrong" type of IRA = what to do? |
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Investing Sr. Associate
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I opened an IRA for my husband, thinking the contribution would be tax deductible. But, because he has a 401(k), Turbo Tax has kicked out a flag that the contribution is not deductible. So, now I'd like to change it from a traditional to a ROTH IRA. Is this possible or difficult? If I just call the brokerage, will it require a ton of paperwork (i.e. close out this account and open a new one?)
Thanks! |
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| Leighla |
| Posted: Fri Mar 04, 2005 3:36 pm Post subject: |
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Investing Associate
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I'm not "sure", but I think it's just considered a roll over from one IRA to the other. It's just as you said, close out one account and open the other. I don't think it's a lot of paperwork.
Here is some interesting reading on the topic of IRAs from, www.fool.com :
http://www.fool.com/ira/opening.htm?ref=mp |
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| keokagal |
| Posted: Fri Mar 04, 2005 5:42 pm Post subject: |
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Investing Sr. Associate
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| Don't you just love that Turbo Tax - he/she is sooo smart. |
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| foxnstocks |
| Posted: Wed Mar 09, 2005 6:44 am Post subject: |
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Investing Sr. Associate
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| I do like Turbo Tax a lot. There are a lot of "prompts" that pop up for things that I wouldn't have given a second thought to. |
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| thrilla |
| Posted: Fri Mar 11, 2005 6:34 pm Post subject: Re: I opened the "wrong" type of IRA = what to do? |
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Investing Sr. Associate
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| foxnstocks wrote: | I opened an IRA for my husband, thinking the contribution would be tax deductible. But, because he has a 401(k), Turbo Tax has kicked out a flag that the contribution is not deductible. So, now I'd like to change it from a traditional to a ROTH IRA. Is this possible or difficult? If I just call the brokerage, will it require a ton of paperwork (i.e. close out this account and open a new one?)
Thanks! |
It is possible, just ask your broker/financial advisor/etc. Where did you open your IRA? Consult with someone from the firm at which you opened the account. |
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