I had to open a traditional Fidelity IRA because my previous employer’s 401k savings plan required me to rollover asap to another retirement account, but my new employer plan will not start until October. Based on my salary both of my IRAs (roth too) now do not have deductions/allowed. Can I remove one or both of these IRAs? Will I be penalized? Goal is to save up as much as I can for MBA/property sales within 2-5 years (29 now HCOL).

like
Posting as :
works at
You are currently posting as works at

What do you mean by remove one of your IRAs? I am not following your situation. I understand that you rolled your 401k into either a traditional IRA or a traditional and Roth. That is fine. What are you trying to do now?

What do you mean by cancel it? With draw the money and pay tax and penalties on all of it? I would not do that unless the balance was very small. I would convert it to Roth before I withdrew it.

Related Posts

Looking for purchase health insurance for business. Has anyone bought health insurance through their solo practice as a corporation. Any recommendations as to who to use. Small firm 1-5

like

Any advice for someone looking to transition into a full HR Generalist role from Recruiting. I’m currently a Campus Recruiter with about 5 years of HR experience (Coordinator- Higher Ed). I received my PHR certification in September 2020 and sitting for my SHRM-CP in two weeks. I’m having a hard time transitioning into a full Generalist position.

like

Has anyone transitioned from bedside/patient facing healthcare to clinical research? I am looking at making the switch and would appreciate any insight!

Anyone purchased gold or silver from Rosland capital ? Would you recommend it?

like

Hello Everyone!!

I've been working in the sales industry from past 1.5 years, but i wanted to change my field.
After some research i decided to get into Cloud Computing. I've done Microsoft Azure course and cleared AZ 104 Certification for Azure Administrator.
But because of my Sales Experience my profile is not getting shortlisted.
Please suggest me what can i do ? And if anyone can help me with the job.
Thanks!

like

Hi folks ,

Can you suggest some good residential society near Gachibowli ( 2BHK or 1 BHK ) ? How much should I keep the budget for a 2BHK in that area ?

Thanks in advance.

like

Trading Event Sponsorship for Party Rentals! Hey everyone - as a nonprofit we are having an upcoming event and having sponsors for it. We don’t have a huge budget so we are looking to ‘trade’ these sponsorships for table/chair rentals. Since we are a nonprofit are we able to give them the deduction value to claim on their taxes?

like

Misled on Maternity Leave Policy. I found out I only get 4 weeks pay for maternity leave (STD +“sick days”). I will take 12 weeks but wont get paid for 8 weeks. I work for a US, west coast based company in the tech/VC industry. Their website claims to offer “paid parental leave and other progressive benefits for parents”. I didn’t find out until after I was hired their pay was only 8 weeks but since I have been at the company less than 12 months, I don’t qualify for their policy. Is this unfair?

like

Hello, I’m looking for help filing my tax information for a new job. I’ve been in nyc for close to two decades, and am moving from the city for a new job. I’m wondering what to claim.

like

I’m 36 and I recently reached a net worth of 1 million dollars. I thought I was doing good but then I see other people with several millions and can’t help but wonder how they got there.
I feel I’m doing everything I’m supposed to (I save, I invest, I max out my 401k, IRA, etc...).

What can I do to upgrade my game and reach those higher numbers?

likesmartfunny

How much is a good amount (% wise) to be putting into your pension pot? Would be good to hear at different salary brackets!

like

How much money do you have saved up?😳

like

Starting at EYP next week, got a question about independence since recruiter and external site isn’t helpful at all.

There seem to be different categories of restricted securities. Do I divest them all or only the ones falling in specific categories ?? Thanks

Post Photo
like

Looking for a position for IAM information Security within Healthcare. Provision, set up access, templates.
SaaS , Sailpoint, Azure . Any ideas ?
Thank you

like

Has anyone set up an NY 529 for their kids? Know there’s a 10k tax exemption for NY state taxes, but does anyone know if that per child, or across all children?

like

👀 Can we talk smack about auditors? Trial balances based on filed financials are still trash once it comes time to do returns, so all I’m saying is materiality can kiss my a**

like

How do you guys feel about US people earning so much more…?

like

Could someone take a look at my about me section for my LinkedIn pls. Would appreciate some feedback. Trying to transition from reception job to selenium or lean six sigma. Please dm me!

like

I have been in Risk Advisory for about 5 years but I have been feeling extremely bored with the work and I am currently contemplating my next career move. What are realistic career opportunities for me excluding technical accounting, internal audit and compliance? Would obtaining an MBA help my career prospects?

like

Has anyone here ever gifted a stock? Do you know the process? (Especially on Robinhood or Fidelity)

like

More Posts

Hiring for many roles in LTI.

Please comment if you are interested.

Valid till end of Aug
but sooner the better

Skills:
Matillion
AWS Architect
Azure Architect
Bigdata Architect
Informatica Architect
IBM MDM
AWS with Redshift API
Azure DataBricks Developer

Let me know.

like

Hi guys! Please help me with 11 likes. I am working as a Product Manager in BFSI and looking for a change in a Fintech. Appreciate your help!!

like
like

What's your absolute favorite dinner spot in Chi-town? I'm willing to travel, but I'm moving soon so want to hit all of the greats I haven't been to or didn't know about.

like

Anyone from GSK who can help with some questions?

How is SAP Fieldglass project in SAP labs? Can anyone tell me?

like

Typical day for Credit risk business analyst BA4?
How is the work life? Management? Leadership? Office transport, canteen?

like

What was your final round interview like? Have two coming up with two MD’s at the same firm and trying to be easy breezy about it.

like

Hi fishes,

I am .net developer basically developed window and web application with the help of vb.net,c#,Asp.net MVC,html,jquery,css,bootstrap, sql server.

Yoe 6yrs not getting much calls , also if getting calls in technical not getting selected.

Where i am doing wrong i am not able to understand need your feedback, or i have to learn any new technologies.

like

Hi all,

I am selected in the Mumbai location, is it possible to change the location before joining??

Please help

like

Partial aftermath of an epic dinner party. 54 glasses for 6 people. (bottles in comments)

Post Photo
like

Looking for a Database Manager role. Are there any level B/7 roles available for NCR region?

like

Hi,
I had call with the HR for he position based out of Mumbai everything in interview and they are ready to share the offer. however, I quoted for 10 lakhs and they said for fixed pay of 8.75.
Although, i checked on Google as well average pay they are giving is 9.7 lakh
So should I accept the offer as per their negotiation or shall positively tell them why 10 lakh is justified?

So who is this SEI and why is everybody arguing with him/her? 😂

funnylike

HR opinion: Do I have any leverage as a hospital nurse case manager in negotiating earned time? I have 15 years within the organization, left for 10 months to be remote during the pandemic while sorting out childcare as immunocompromised family helped. Now HR is restarting my ET as a new employee. I realize I left, but not on bad terms and I am an exemplar and respected employee. I thought I’d have the upper hand with the nursing shortage but I’m getting the “rules are rules” response. Help!?!

like

Any agency looking for a senior art director?

like

Hi Bowlers, I need some suggestions in choosing between ZS Associates and Thoughtworks
ZS - 15l fixed
TW - 18l fixed
Please help me out with your points considering Job security and learning opportunities.
Ihave 5 years of experience as an SDET.

like

What was the first thing you did once you become partner? I am assuming heavy pressure on selling more than what you were selling before?

like

Looking for a remote/hybrid job working on Global Information Reporting (FATCA/CRS). Prefer to be in house. In the NYC/NJ/CT area. I would appreciate any leads. Thanks!!

like

I have a friend who was let go a few months into his first job after college (reason: the manager felt like he wasn't grasping the training content to the level that was expected). He's worried about if he should put the experience on his resume anyway, if he does will recruiters ask why he had such a short time at this place, and what will recruiters think if he explains he was let go. What are some things recruiters expect from candidates in this situation to continue considering them?

Additional Posts in Personal Investment Chatter

Is BRK-B a buy right now?

like

£30k lump sump cash in UK, how to maximise returns within a 15 year time frame tax efficiently assuming liquidity is not required?

anyone invested into Facedrive (FDVRF)?
Recently heard about the company and it looks very interesting... curious to hear your thoughts if you have any!

like

Fishes honest opinion needed. Me and My so presently live in Arkansas, living in our first home with a child 4 year, both of us recently changed our jobs and have HHI ~ 420K, current mortgage 1600/month. We are looking to move to Dallas and thinking of buying a house ~996K with a 15% down. Questions -
1. Should we go for house of that budget? We can afford, but asking based on market.
2. Should we down 15% or just 5% ? Or go for 20% ?
*Getting a rate lock 4.25% 🤞🏼

likehelpful

$530k HHI, $250k cash on hand, $1.2M investments/retirement. Plan to buy $800-900k house as our first home, but thinking of the best approach given rates today. My thinking is that we (i) put $200k+ down and get a 5/1 ARM. (ii) put everything we save moving forward toward paying down the principal (after maximizing retirement accounts). Should be able to do $100k per year. (iii) If rates go down below 4.5ish % for 15 year fixed, refinance and stop aggressive payment. Thoughts on this approach?

like

How much will someone get from a $5,000 referral bonus after taxes? Is there any way to minimize the amount it’s taxed? Work in VA and live in DC.

Need some advice. Currently 32 YO with $23.7k in student loans, $60k in retirement, and $54k in cash. Want to pay off loans by end of year, max out 401k, and save for a house. Does it make sense to use $10k from pension to pay down loans and the rest from cash? How much should I have in my 401k by this point?

like

Why is Oracle buying tiktok? seems utterly far stretched away from oracle’s current business model

Post Photo
likesmart

What finance podcast/show/guru do you prefer? Do you have go to finance books you recommend?

like

I’m gonna short the shit the out of Peloton, hopefully will get rich enough to buy one

likefunny

Come from a no money family & limited financial savvy. What’s an easy way to open and manage a personal investment fund so my savings makes me more money, similar to my Roth 401k. Thanks in advance!

like

Will markets jump upwards the day Putin dies?

like

Any tips or tricks for a first time home buyer saving for mortgage trying to avoid pmi? Any advice appreciated. Cont.

like

What are your thoughts on lending money to family when asked? (Cont)

like

Recently received 30k and wondering what to do with it. Not yet a homeowner but also not sure if we’re ready to buy anyways. Have a young baby. Any advice on how to figure out best use?

My company matches 3%. Is that low or on par?

like

Thoughts on buying into Wells Fargo now, at their 52 week low basically.. Bank too big to fail of course and their imposed caps on grown expire in a year or 2 I believe with regards to how much $$$ they can lend out or take in...

like

Poll - share your investment portfolio in your taxable account. Wanted to see different ideas. I’ll start - 25% FXAIX 25% FNCMX 25% FSPGX 25% FBRGX.

like

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

What is everyone’s outlook on crypto? I have some litecoin from awhile ago and wondering if I should indefinitely hold it. Thanks!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal