So I have a brokerage account, that I have been growing for the past 8 years or so. I have a 401k plan through work, but I also opened up a Roth IRA. I was told that instead of adding money to brokerage, I should be adding to the Roth to try to max that out for the year. I can still contribute for another 3 weeks or so to my 2020 max and have until April of next year to max out for 2021.
Question 1) Are there advantages to adding money to my roth vs my regular brokerage account other than tax free growth?
Question 2) If I cash out some of my ETF's in my brokerage and transfer the money to my roth, will I get screwed over with capital gains?
Question 3) Should I just keep what I have in my brokerage and slowly add to my roth? Or is it worth moving funds from my brokerage to max out my roth for 2020 and 2021? I have two other smaller brokerage accounts, is there a benefit other than simplifying my taxes, to consolidating?
Submitted April 28, 2021 at 08:13AM by psycmike https://ift.tt/32T3WcT
