{ "media_type": "text", "post_content": "Maxed my 401k and HSA for 2017. I have never opened an IRA or a brokerage acct. What are my options for the 2017 tax year, is it as simple as selecting a brokerage and transferring the $5500?", "post_id": "5abbc25315b5a40018e75105", "reply_count": 5, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Maxed my 401k and HSA for 2017. I have never opened an IRA or a brokerage acct. What are my options for the 2017 tax year, is it as simple as selecting a brokerage and transferring the $5500?

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Basically, yes. Vanguard has an easy process to add an IRA account if you already have a brokerage (non-retirement) account with them. Open a roth if you qualify, if not trad IRA works. Start soon though as you only have until 4/15 to max out 2017 and if opening a brand new account it will take time for account linkage/verification.

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Also does not matter if you filed taxes if you do roth option

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You want a Roth if you’re young because all growth is tax free. If you’re MAGI is under 118k put it in a Roth. If it is over you need to do the math to find out what you’re eligible to contribute. If you can’t contribute 5500 then look into the back door roth conversion rather than putting money in a no deductible traditional.

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Also does it matter if I’ve already filed my taxes?

Which is better for high salary earners, over 100K?- Roth or traditional? I still can’t figure out difference and which is better. Call me retarded but it’s confusing

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