Hey everyone,
Long time lurker first time poster, first off just wanted to say thank you to everyone in the community that has helped me out so far! Now to my question. I will begin a new job here in a couple of weeks, and have a 401k at my current employer. I also currently have a Roth IRA. I was wondering what my best option to do with my current 401k should be, as of right now I believe I have four options.
1. Leave 401k with current employer
2. Roll over 401k to new employer
3. use sign on bonus to pay taxes on current 401k and roll over into existing Roth IRA account
4. Roll current 401k into traditional IRA.
A little more background is that salary and bonus could/probably will be higher than the max income allowed for Roth IRA. With that in mind I am inclined to use my sign on bonus to roll it into my existing Roth IRA, so that I can avoid the pro rata formula when doing the backdoor Roth in the future.
As always any and all opinions welcomed. If anyone knows of any other options I could do I would love to hear them as well.
Thank you!!!