I just set up my spouse's after tax contributions and he called today to roll over the post tax amount to his Roth. I read the below on the IRS website and it seems like he needs to roll over the entire contribution for that paycheck at once - pre tax to his tIRA and post tax to his RIRA. Is that what we should be doing or can we just roll the post tax?
Also are these roll overs considered contributions and we can access for college costs without penalty if needed?
I have the ability (per my plan documents, but ADP workforce is clueless) to make after tax contributions up to the $55k limit, but in-service, non-hardship withdrawals are not allowed. I'm planning on quitting within 20 or so months anyway and we have about $80k of cash I'd like to shelter from FAFSA so it seems like a no brainer to set up the max.
If I did a conversion from my tIRA in 2008 to my RIRA, can I access the conversion and all my contributions for college costs without penalty if needed?
When I do leave it looks like I can roll my after tax contributions to my RIRA and my pre-tax contributions as well as all gains on after tax and pre-tax to my tIRA and won't owe any taxes. Is that correct?
https://www.irs.gov/retirement-plans/rollovers-of-after-tax-contributions-in-retirement-plans