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Learning, Sharing, and Teaching => Investor Alley => Topic started by: okisok on April 16, 2019, 07:19:09 PM

Title: Rollover old IRA or wait until next year?
Post by: okisok on April 16, 2019, 07:19:09 PM

I've fully funded my Fidelity traditional IRA this year. I have an old IRA through E*Trade, from when Capital One transferred their investments to E*Trade.  Should I roll it over now? Or can I roll it over next tax year and claim the deduction for 2020?

Title: Re: Rollover old IRA or wait until next year?
Post by: RWD on April 16, 2019, 08:47:48 PM

I'm confused. You don't get a tax deduction when you rollover an IRA.

Title: Re: Rollover old IRA or wait until next year?
Post by: cincystache on April 17, 2019, 04:58:43 AM

As RWD states, you don't get a deduction when you rollover an IRA from one place to another. It is not a taxable event assuming you go from traditional to traditional. If you convert it to a Roth IRA then you will owe taxes on whatever amount you convert.