Two separate questions.
1. We would like to rollover a fidelity simple IRA, well over 10 years old, to a traditonal or rollover IRA. The fidelity rep said something about “comingling” issues specific to a SIMPLE IRA. What exactly was he talking about? For now and perhaps indefinitely the plan is to roll the entire balance over to a traditional / rollover Ira - with those being the only funds.
2. I have a vanguard solo 401k. It has a Roth and traditonal component. It is well under $250k. I haven’t worked self employed in several years and considering rolling it to a rollover IRA - mainly because of the absurdly excessive late filing fees if and when it is ever required. The future risk just isn’t worth it.
I assume you would just
- roll funds to rollover Ira and Roth IRA
- close vanguard accounts
- file 5500ez within statutory time frame
Are there any other steps I’m missing? I’m just spooked by the crazy penalties for screwing things up.
1. We would like to rollover a fidelity simple IRA, well over 10 years old, to a traditonal or rollover IRA. The fidelity rep said something about “comingling” issues specific to a SIMPLE IRA. What exactly was he talking about? For now and perhaps indefinitely the plan is to roll the entire balance over to a traditional / rollover Ira - with those being the only funds.
2. I have a vanguard solo 401k. It has a Roth and traditonal component. It is well under $250k. I haven’t worked self employed in several years and considering rolling it to a rollover IRA - mainly because of the absurdly excessive late filing fees if and when it is ever required. The future risk just isn’t worth it.
I assume you would just
- roll funds to rollover Ira and Roth IRA
- close vanguard accounts
- file 5500ez within statutory time frame
Are there any other steps I’m missing? I’m just spooked by the crazy penalties for screwing things up.
Statistics: Posted by JBTX — Fri Mar 01, 2024 9:39 pm — Replies 0 — Views 138