{ "media_type": "text", "post_content": "I’m going back to school full time for the next 2 years. Would it make sense to convert my 401k into a Roth IRA while my income is low / zero?", "post_id": "60f9be3e3a0c5e00240dcb05", "reply_count": 10, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

I’m going back to school full time for the next 2 years. Would it make sense to convert my 401k into a Roth IRA while my income is low / zero?

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

How much is it? If you convert the amount becomes income.

like

Don't forget that the 12% bracket doesn't mean you pay $6,000 on your $50k income. If I have my math right, $50k = $37,450 taxable after standard deduction. First $9,950 taxed at 10%, so your total tax will be $4,295. Slam dunk to do it. That said, the way the school year works, you might only get one year of low/no income if you are in a 2 year program. Still makes sense if you can afford the taxes.

It may be a very good idea as long as the balance is not that large. You don’t want to get into a high tax bracket. You could always just do a portion and do it over a couple years

like

~100k

Related Posts

Hello Fishes, I have two job offers in hand. Need for suggestion on which one is better to join considering work culture and other benefits. Offers are from SAP SDC and EY GDS with same salary benefits. Skillset- SAP EWM YOE- 12 Years

Hi All 8+ years of experience in us healthcare -operations Currently working as a SME.looking for a team lead Any referral kindly help me

Any recommended resources for learning RPA/Automation for healthcare?

like

Im new to the country. Do I enroll in the 401k plan?

Hey all I need help. Is this health insurance good? Hard to compare online: NYC, single, PPO, Cigna, $528/month, $20/copay for appointments, no referrals, $5k deductible, 7k max out of pocket.

Working an expo / benefits fair: what have you done that has worked in getting people to your table, and peaking their interest in an appointment? (Details continued in post)

like

Advice to young lawyers. Read a book. I saw the thread about savings and many young lawyers (20s and 30s) don’t know how to open up a brokerage account or invest in their 401k. I know they don’t teach personal finance in school (though they should!), but my advice is that you should go to your local library and read a book about the subject. You have the skills necessary but you must invest in yourself. No one will look out for you.

likefunny

Why are you in agencies? What are the benefits of being in an agency over clients/media partners side? Trying to find a new motivation to continue staying in this industry..

like

Capgemini 🐠- are you at actuals or fixed per diem? Also is usage of corp card mandated and audited?

like

I have ~$52K in my 401K. How does that compare with others? I’m almost 27 and have been thinking more and more about withdrawing some to pay off college debt.

like

Hi all, I wondering what I should do i was planning on taking an advance Accounting course in January 2021. Part of my company benefits is tuition reimbursement. I got an email back from my manager that was clearly drafted by the Director. The email basically stated that they were concerned that I was over working myself and the course would not be reimbursed at this time maybe in April that would be after they reevaluate the situation. My question here is should I be concerned I’m a target.

like

Looking for some advice. Currently contributing 10% to 401k and maxing out Roth IRA, and remainder of savings (usually $800-$1200 per month) putting in a HYSA for a down payment on a house. Hoping to buy in 2-3 years once we (partner & I) have a sizable down payment. Should I continue to put all my non-retirement savings in an HYSA for a downpayment or should I also contribute to my brokerage and invest to grow wealth? (24yo, $85k)

like

What % of your 401K contribution does your employer match? Trying to get some benchmarking ideas, thanks

like

McKinsey thoughts on your Life Sciences/healthcare sector. Is ideal for someone with a clinical background? Biomedical opportunities? Also any other firms have a growing practice in this area? Thanks

like

As someone with a background in the military, is it worth it to try to go back to the government as a tax analyst or senior tax analyst for the Dept of the Treasury? I'm wondering if I'll have an edge in getting hired as I've been at the GS-13 level before I left the military and I'm hoping I can use that time in service to add to a pension time requirement in the government.

like

Does anyone have any info about the program for very long-tenured IFS staff, where the firm will pay for your health insurance after you retire if you meet certain tenure requirements? Something like, if you’ve been with the firm for over 30 years by the time you retire. The firm may have discontinued this but some people are grandfathered in. Anyone have details?

like

Wow! What a day! Alright Michael Beaton, I made the biggest trade of my life. I moved my entire 401k to a money market fund. Please tell me this market will drop in the near term!

like

Hello. Who has Principal as their 401k administrator? What funds did you all pick? Not into target date funds and want to be aggressive even in my 40s. TIA!

like

401K Question - Very Confused. Just came to US and will be here for about 4 Years. Firm matches 25% of first 6% employee down. Some say, upon withdrawal, have to 40% tax/penalty / others say .. Contin

like

Between my wife and me our family has about $5M. Is that enough to retire in India?

likefunny

Additional Posts

Will delta match my American Air status? Anyone done this before??

like

Went to Cornell and everyone jokes around saying it’s not a real ivy. Do people actually think it’s a bad school or is it just a lighthearted joke?

funnylikehelpful

Best part of WFH is I whip out my heating pad when I’m feeling crampy😂

likefunnyhelpful

I have $4,000 in my emergency fund and $1,100 left in total consumer debt (a credit card balance at a 10% interest rate). I’m tempted to pay it off right now, but in light of what’s going on in (cont)

like

I'm have a conversation with someone from deloitte next week. Anyone willing to give me insight to the culture?

like

If you request a salary that’s too high does the hirer usually tell you it’s too high and offer you the salary they had in mind or just ghost you and move on to the next candidate?

like

Does anyone know how the interviews are like for data science roles at Etsy?

like

Leave a tip at the hotel every week ?

like

Are there any permanent work from home job for cisco networking skills. I am 6 years experience and works in hcl technologies lucknow. I want to change the job and will be happy if I get permanent work from home

Is there an unstated GMAT cutoff for MBA internship interviews with MBB? And if so, what is this range?

like

Piggybacking off the reasonableness of a 3 week honeymoon, what is the opinion of remote work at other big firms these days? My office in particular disfavors it. I prefer idea of travel while I work

like

Hello Fishes, I have two job offers in hand. Need for suggestion on which one is better to join considering work culture and other benefits. Offers are from SAP SDC and EY GDS with same salary benefits. Skillset- SAP EWM YOE- 12 Years

Hi All 8+ years of experience in us healthcare -operations Currently working as a SME.looking for a team lead Any referral kindly help me

Did anyone hear anything about WFH ending? or how its gonna be implemented

like

What are realistic career paths for BDRs that do not want to be an account executive? I have been a BDR for 4 years now and looking to get out of sales but unsuccessful so far . I’ve interviewed for social media roles, BDR manager roles , always falling short on what they are looking for. Beginning to think I’ll just have to accept a career that I hate that brings me no passion and try for AE role. My ideal role would be in product marketing or social. Any advice?

like

I’ve been interviewing for Director of Product Marketing roles at late stage startups in hyper growth mode. In my last 2 hiring manager interviews, they’ve not asked me any questions outside of having me share a bit about myself. I was in the earlier days of a FAANG company, so perhaps there’s an assumption they already know how I’d build/lead a team or execute. Both have wanted to offer the time for me to ask them questions with little questions in return. Is this expected or lack of prep?

like

Filled pre interview form today. When interview would be scheduled

like

What is your least favorite kind of client?

like

How do you plan logistics if you have an in person interview on Friday and are traveling for client work that week? Ex: fly home Thurs night (firm pays), fly out Fri morning (interviewer pays)

like

How is BDO international tax practice? going there for Senior role. Busy season hours compared to big four? Need some input

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
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

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal