For tax purposes, you only have one Roth IRA...no matter how many Roth IRA accounts you have. Your Roth IRA apparently opened in 2013 so the "qualification clock" has finished running.Hi
I have below Roth-IRAs'
a) Backdoor R-IRA - started in 2013
b) After-Tax/RIPC rolled over IRA - started in 2020 (Company1)
I am in company 2 now and want to rollover RIPC funds from this source to R-IRA.
I have already opened another R-IRA thinking that I will use this for After-Tax/RIPC rollovers from company 2 - just mental accounting.
Is this o.k. to have another R-IRA opened? or has no benefits or maybe disadvantages w.r.t to 5 yr clock (i.e. above 2 R-IRAs' have their 5 year clocks ticked and almost satisfies as well)
Thanks
It does not matter where you send the RIPC funds (assume this means Roth In Plan Conversion). You can open a new account or put that money into an old Roth IRA.
However, if you are not yet age 59.5, you must keep up with all the 5 year conversion clocks that might be running. Are you aware of that?
Statistics: Posted by retiredjg — Sun Jul 14, 2024 8:54 am — Replies 4 — Views 330