Convert Rollover IRA to Roth IRA (STEP-BY-STEP TUTORIAL AT FIDELITY)

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I feel like this video should place a Warning on the Tax implication, cause a Fidelity advisor has given me fair warning on this. If your balance on your traditional IRA is high, this one-time conversion would incur a High taxable amount, better have a lot of cash ready for the IRS to do this.

twndomn

Thank you!! I had a rollover ira from a previous employer and wanted to move to a Roth IRA and the video helped me a lot

andreahernez

Warning, the amount you convert from T-IRA to Roth IRA will be added to your W-2 income and might move you up to the higher tax bracket . Only do Roth conversion when your income is the lowest and before 72 yo.

tn

Hey! Great vid! Help me understand how you can convert Rollover to Roth and skip the tax part… I know it will be taxed… but when and how are taxes actually/eventually paid?

chadanooga

Not only would you be able to convert and (potentially, at least) pay less taxes converting to a Roth IRA after taking an income hit, March 2020, when the market took its dive, represented an excellent time to convert to a Roth IRA, even if one did not experience an income hit, since the value of the investments being converted was much less then than they were in early February 2020 or at the end of 2020.

That being said, a video providing a fuller explanation of the rules relating to Roth IRA’s, I think, would be in order.

vikingrob

Very helpful. I was a little apprehensive about doing this but after watching your video it was easy. Thank you.

daffyduck

Thank you! Very helpful! Will we be notified by Fidelity on how much the taxes will be later on?

JessicaSilva-efio

Great info. It’s 2024 is it still good to convert my IRA to a Roth IRA? Also if it’s a conversion I will not be taxed and will have issues in my 2024 tax returns? Thanks. Hope to hear from you.

ledi

Thanks so much. I opened rollover ira and I didn’t know how to transfer to Roth. This is so helpful.

erityousuf

Our income exceeds the limit and so we were trying to do a back door Roth IRA. Why are we seeing the tax question on the conversion screen Fidelity when our tradition contribution is post-tax money? Thanks

freE

I recently moved $10K from my previous employer’s 401k account into a rollover IRA. I made no contributions neither I have invested. Would it make sense to open and move this amount to a Roth IRA? Should that be done by the end of the year?

rulabula

Just to clarify, if you have a rollover IRA (rolled over old 401k last week ago), I can just transfer all the pre-tax money to the newly opened Roth IRA as long as I declare the income on next years taxes? Do I have to have the “rolled over” money in the rollover IRA for a certain amount of days before I transfer it to the Roth? And last question, does the “rolled over” money count toward annual contributions in the newly opened Roth IRA?

Thanks for the video!! Liked and subscribed.

MrPhipper

Is there any wait time required for any of these rollovers? For example if you first roll your 401(k) into a rollover IRA, do you have to wait any period of time before you then roll your rollover IRA to a Roth IRA to convert?

straitjacketstudios

I know this video is more like a year old I hope it could be the same rule here! If I transfer a Roth-to-Roth from Prudential to Fidelity, I believed I already get taxed on it, at 5:16 (where I need to check one, Pay Tax or Not Now) I can't check any of these options bc it doesn't apply in my situation. How should I proceed? And does it sound right?

TracyTDo