Author Topic: Solo 401k into roth IRA at Vanguard questions  (Read 207 times)

worldtraveler

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Solo 401k into roth IRA at Vanguard questions
« on: August 11, 2017, 12:08:46 AM »
Hey guys,

Iím 29 and I recently just told my partners Iím done working.  I havenít worked since January or so now, but I still have a decent income for this year.  What Iím wanting to do is start converting my Solo 401k holdings into my roth IRA.

I have my solo 401k, traditional IRA (with which Iíve been doing backdoor roths with), and roth IRA all at vanguard.

From what I understand, I now need to roll my solo 401k into a traditional IRA.  Since my income is still quite high this year, I wonít be doing any of the conversions into the roth until next year.

So I have a few questions.

Thereís no difference between rolling over a solo 401k into a traditional IRA and rolling over a normal 401k to traditional IRA is there?

Vanguard talks about rolling over old 401ks into traditional IRAs on their site, but it seems as if theyíre referring to 401k that were held with other companies.  They will allow me to do this rollover on their site, even though my solo 401k is with them correct?

Am I able to rollover my Solo 401k into traditional IRA this year, or do I need to wait until next year when I no longer have any income?

Do I need to set up a new traditional IRA or will the one that Iíve been using for backdoor roth contributions be sufficient?

Thanks for your help guys. I wouldnít have been able to retire at this age, if I never found this site back when I was 23 or so.

worldtraveler

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Re: Solo 401k into roth IRA at Vanguard questions
« Reply #1 on: August 11, 2017, 01:09:10 AM »
Also, I should let you know my traditional IRA that I've been doing backdoor roths with has no balance.

bacchi

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Re: Solo 401k into roth IRA at Vanguard questions
« Reply #2 on: August 11, 2017, 06:55:13 PM »
Thereís no difference between rolling over a solo 401k into a traditional IRA and rolling over a normal 401k to traditional IRA is there?

Correct, there is no difference.

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Vanguard talks about rolling over old 401ks into traditional IRAs on their site, but it seems as if theyíre referring to 401k that were held with other companies.  They will allow me to do this rollover on their site, even though my solo 401k is with them correct?

Sure but your company needs to be defunct to rollover a solo 401k.

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Am I able to rollover my Solo 401k into traditional IRA this year, or do I need to wait until next year when I no longer have any income?

Wait until it makes sense for your taxes.


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Do I need to set up a new traditional IRA or will the one that Iíve been using for backdoor roth contributions be sufficient?

Set up a new one.