🐟 - I rolled over $100K from old employer 401K to Fidelity Rollover IRA. What implications does it have on my ability to do backdoor IRA? We do not qualify for Roth due to income limits. TIA.

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

You did yourself a great disservice. Now you have to deal with Pro Rata rules and will have to pay tax on your backdoor conversions. Can you roll your traditional IRA into your new 401k?

like

Thanks all. I will have to check if my new employer allows rollover into 401K.

I’m doing a solo 401k and creating some 1099 work just so I can roll in my Rollover IRA and avoid pro rata

(My current arrangement has me as a W-2 contractor)

like

Specifically, I would like to get opinions on pro-rata rule

https://www.google.com/amp/s/www.forbes.com/sites/ashleaebeling/2012/01/23/the-backdoor-roth-ira-advanced-version/amp/

You’re in for a headache now if you want to go with Backdoor Roth. I don’t even know if you can roll if off into a 401K now.

Does Vanguard allow roll in to 401k from traditional IRA?

ASA2 - It depends on your plan and plan administrator; consult your Summary Plan Description

How do you avoid this pro rata rule? Roll your old 401k into new companys 401k? Or leave it there if that's an option?

A1 - either works; just can’t have traditional IRA balances

like

Related Posts

Folks making more than £100K: How do you deal with the 60% effective tax rate on the 100-125K bracket? (HMRC gradually reduces your £12,750 personal tax-free allowance to £0.)

This is the first time it is happening to me. With one month to go until the end of the tax year, I'm thinking of making a one-off extra pension contribution next payroll.

Any other effective strategies with only one month to go?

like

Heard on NPR Mktplc- Larry Fink - Blackrock CEO - 2018 Letter to CEO’s. He wants companies to make a positive contribution to society. How are you shaping investments for greater good? Tips?

like

My gf is still waiting for her EAD and had to go on unpaid leave of absence which is coming to an end in March. Noting delays on current processing times, what are multinational companies offering on similar cases? Are they terminating their employment without any health insurance benefit until they can be rehired or are they offering any other support? I would appreciate you sharing your experiences to benchmark. TY

like

Kpi reply krta b h is group me
Techm need NPS account from kotak only
How to open a new one.

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

How is EY’s Healthcare Performance Improvement Practice? Any insights into culture, pipeline, types of projects?

like

Any good bonuses on credit cards right now? (Jan 2022)

Already have Chase Freedom, Amazon (Chase), US Bank Cash+ Discover, AMEX, Wells Fargo 1.5%, all used for different expenditures to maximize cash back.

Thinking about getting the Wells Fargo 2% and closing the Wells Fargo 1.5%, and any others that overlap in cash back categories but at a lower rate.

like

Is there an investment fund or group that anyone knows of? I heard of Fundraiser but it seems very convoluted. Looking for an investment group or development group to invest with

like

any suggestions on where to rent? preferably manhattan downtown or midtown. budget is ~2.1k or so. priorities are having a doorman, elevator, laundry in building at the very least

like

What benefits in terms of tuition reimbursement does Citi provide. Does Citi provide reimbursement for FRM and CFA certifications.

Also does Citi allow leave to be carry forwarded or leave encashment ?

like

Hello folks.
Can someone please say how much reimbursement
Morgan Stanley is giving for buying laptop? I do not have a decent laptop currently. Or will they provide one? When to have this conversation and with whom? Morgan Stanley

Is it worth making the time/money investment to make the switch from big 4 FDD to MBB. This would require getting into and paying for a top MBA program and my net worth would be way negative after that. Are the MBB financial returns worth it? Im 26 years old for reference

like

Looking for freelance writing opportunities for small businesses or bloggers who need additional support. I currently work in healthcare PR and have extensive experience with ghost writing for senior executive teams on a wide range of topics including healthcare and business. Will send examples of work if anyone is interested.

like

TRON correction anytime soon or buy at .20?

like

Any US expats here care to weigh in on whether it makes sense to contribute to workplace pension plans if the plan is to be in UK <5 years?

I’m needing recommendations for a quality/reliable pet health insurance company. On Dec. 12, I will be bringing home a French bulldog puppy and I want to insure her. (Below is a photo of her at 3 weeks)

Post Photo
like

Can I do 1031 exchange with the profits from the sale of a second home into the purchase of a primary?

funny

Anyone build a house in NVA? We're planning to move to a bigger house in a couple of years and building is an option if it's not too expensive. Anyone got any builders or $/sq ft info? Thanks!

like

Now that’s what I wanted - good bowl. Come on real estate folks!

like

More Posts

Hi fishes,
Can you help me understand the different designations in EY GDS. I am looking for 5 years to 15 years experience band. If possible please provide the expected salary package also. I am asking for cloud data engineer role.

like

Cross-posting: What was your narrative in interviews for wanting to leave biglaw? Presumably you didn't just say I hate working 60+ hours per week in a disgustingly inefficient, top-heavy organization.

likefunny

Any one here from HCL Bangalore working DBS project as a L2 Enginner?

like

Can some confirm me what is the take home salary after all the deductions? Company HCL

Post Photo
like

Which one is high level post member technical staff or software engineer?

like

Hey guys,
I got selected to
HCL Technologies , had submitted my documents and all the required information also updated my joining form in discover HCl website. It also shows that my bgv is completed but I have'nt recieved myoffer letter it has been more than a week. I also have a service agreement to fill it requires my date of joining which I think will be in my offer letter. Can any one help me and say how will this move from now.

like

After 3 years in TCS, I'm looking for a job switch. It would be highly appreciated if anyone can provide me with a referral to HCL.

Profile: Data Scientist/ML(Computer Vision, NLP)

Relevant YOE: 2

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

How can I lower my taxes? I feel like I pay a LOT (30%+) but don’t get many benefits in return.
Single with no kids

like

What funds do people have in their 401k plans? And how did y’all decide allocation? Can’t tell if I should be more aggressive given I’m in my 20s.

like

I don’t like any of the Dem candidates, but oddly enough I’d prefer Yang over Warren, Bernie, Kamala, or Biden. Especially considering I think UBI is asinine. Is that weird?

Post Photo
like

McKinsey & Company Does MBB have a minimum GRE score they look at when recruiting MBA candidates (like 320+)? McKinsey & Company

likehelpful

My fiancé and I are planning to buy a home right around our wedding (we’d need to close next June). Has anyone heard of special programs we can look into? He’s military so we have VA Financing...

like

Seeing data that kids from disadvantated backgrounds are falling 1-2 grade levels during this. We'll feel this for years

like

Late morning Lumey toons

Post Photo
like

What would be monthly in hand ?
Considering full HRA used and 50K 80D ?

Post Photo
like

Dating. How do you navigate dating attorneys and being a judicial law clerk? Conflicts? Awkwardness?

likefunny
like

Anyone play QB in high school/college or just a good QB? My Rec flag football team needs a new QB. We have great players, just pretty average there. DM me if you’re interested.

likefunny

Any good books to read this winter break? On leadership, digital, or any autobiographies?

like

Additional Posts in Personal Investment Chatter

When to sell at a loss?

I’m 26 and have a fair chunk of my NW tied to Cloudflare - a tech stock that I believe has the opportunity to 3x and become a $100b+ company over the long term. Similarly, I have a lot in cloud computing etf - WCLD.

Given short term rotation out of growth stocks, I’m confused on what to do. I think we still have some time before growth stocks bottom out, but do I sell?

I would consider myself a “long only” investor, but am unsure what to do given my lack of diversif

like

Planning to open brokerage account with fidelity to invest around 50K then $500 each month. Is it good strategy? Also any good bonds, stock etc you guys suggest atleast to hold for next 5 years? I am into investments and appreciate your help.

like

With rates going up, is now a good time to start a CD ladder?

like

What are the best investment books or authors for beginners? What are the best podcasts, YouTube channels or bloggers to follow? What are your favorite stock trading platforms? And if you finally have six figures cash ready to invest, what's the best place to start? Which broker / financial advisor would you recommend? This is only for 3-5 years to ultimately buy a decent home for my family.

I'm clearly a dummy so any help is greatly appreciated.

like

What does your NW breakdown look like ? In my case it is as follows
Home equity: 15%
Investments Stocks/ETFs : 25%
Retirement account: 30 %
Cash: 30%

like

Will the market continue with its usual bloody day?

like

Considering adding a REIT index to my lazy portfolio allocation for my 401K and Roth Accounts. Thoughts?

like

Would you cash out refi a rental property to buy another rental property?

like

Where are my swing traders at??

like

My fiancé and I (ages 30 and 31) are about to buy a house. We would put down 10% for a 835k purchase price. Our combined income is $265k. We both have around 7-10k left in emergency funds (each) and combined about 200k for retirement. Our mortgage is $4,500 a month and we split a car payment for $800. Is this an okay financial decision or should we have bought a cheaper house/saved more?

likehelpful

Has anyone used individual citi wealth management account?

Any feedback on the same?

funny

I have a 401k still in the Deloitte plan. What are your thoughts of rolling it into my current 401k or leaving it where it is?

like

How much of your income do you all target to save, invest, and use for expenses, respectively? I’m currently at 40% investing, 10% saving, 50% expenses but hoping to bring expenses down soon.

like

How much do you keep in the bank vs brokerage?

like

Any thoughts on I bonds? Some recommended them. Pros, Cons ?

like

I've been allocating 100% of my Roth IRA funds to Vanguards target retirement fund 20XX. Should I keep doing this or do I need to start getting into VTI/VOO/VTSAX as everyone in this bowl is so fond of?

like

I’m finally hitting a stride (now in my mid-30s) and have some cash to play around with/invest. Any suggestions or recommendations on good, long-term strategies (and/or things I should absolutely be doing) for people not familiar with having a tiny cushion of wealth? Also open to “you should hire a financial advisor, etc..”

I have a yearly income of 130k and will rent a 1Br/Studio in Manhattan from 2.4-3k by end of the year. I also have student loans of 28.5k which I intend to pay off in an year or so. Currently, putting in 4% for Roth per pay cycle and maximizing my HSA. I net a monthly income of close to 7k. I intend to save about 3k for the next 3 months in my Marcus Savings Acc and 1.5k from January (reducing it cos my rent doubles) How should I go about planning this and also have some emergency savings?

likefunny

How do you boost your credit score within a couple of weeks? Very small increase needed.

like

I am starting personal investment now- please tell me if this plan looks good:
- Already have a 401k plan with max matching form my employer
- invest in 5000$ in S&P ETF
- invest 5000$ each in AAPL, AMZN, GOOGL,MSFT
- invest 1000$ each in Netflix, ADP and Home Depot
- invest 500$ each in Intel, Nike,Walmart and T-Mobile
- small amounts 100-500 in Merck, GE, Coca Cola , Altria and Samsung.

Thoughts? I plan to invest a little bit each month (200$) in ETF. Any suggestions?

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