I am going to be switching jobs in the near future and have a few questions after reading the IRS website. Any assistance is appreciated.
-The salary from the new job will push our household income over the limit for contributing to a Roth IRA. If I'm reading this right, I'm not able to rollover the funds from my Roth into a Traditional IRA. Is that accurate? If so, does it simply stay where it is and continue to grow based on the funds performance? Can I simply convert the account to a traditional IRA?
Source: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf
-I have a cash balance pension plan through my current employer along with a 401k. I assume I can only roll over the funds from one of these accounts to an IRA during the next 12 month period. Is that accurate?
-Is there any other benefit that I'm ignorant to for keeping my 401k and pension plans where they currently are? It seems like it makes the most sense to move them to my control ASAP.
TIA
-The salary from the new job will push our household income over the limit for contributing to a Roth IRA. If I'm reading this right, I'm not able to rollover the funds from my Roth into a Traditional IRA. Is that accurate? If so, does it simply stay where it is and continue to grow based on the funds performance? Can I simply convert the account to a traditional IRA?
Source: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf
-I have a cash balance pension plan through my current employer along with a 401k. I assume I can only roll over the funds from one of these accounts to an IRA during the next 12 month period. Is that accurate?
-Is there any other benefit that I'm ignorant to for keeping my 401k and pension plans where they currently are? It seems like it makes the most sense to move them to my control ASAP.
TIA