I have a Fidelity 401k from a previous job that has just under $10k in it. My new job offers a Transamerica 401k that also has a little under $10k at present. Both accounts are invested in Vanguard's 2055 target-date fund with an 0.09% expense ratio. I also have a Roth IRA that I tend to max out every year.
Since the old 401k can no longer receive contributions and is managed through a former employer, I'd like to get rid of it. I have a few questions about that:
- Is it possible to roll the funds from my old 401k into my new 401k?
- Would it be better (or is it the only option) to roll my old 401k into my IRA?
- What do I need to consider re: non-Roth vs. Roth, given that the 401k is traditional and my IRA is Roth?
- Would a rollover count toward annual contribution limits?
In general, what's the most advantageous option for me? I'm 29 and earning around $115,000 a year.
Thanks!
edit: Most of these questions are answered in the FAQ, so whoops, sorry about that. It looks like Trad. 401k -> Trad. 401k would be my best bet to avoid tax consequences, provided that Transamerica will allow me to do that. If not, would it be better to roll the old 401k into my Roth IRA and take the tax hit, or can I (should I) open a Traditional IRA alongside my existing Roth IRA?
Submitted December 09, 2018 at 05:31PM by scrombly_george https://ift.tt/2RJNX9G
