Two Roth accounts closed and take the funds and open one Roth
Hi,
I had a Roth with $27k and another with $8k can I but them together in a new Roth and $7k for the year, and open a traditional IRA and put $7k for the same year?
Hi,
I had a Roth with $27k and another with $8k can I but them together in a new Roth and $7k for the year, and open a traditional IRA and put $7k for the same year?
Permalink Submitted by Alan - IRA critic on Thu, 2022-06-30 18:07
No. Your contribution limit is 7000 per year (age 50+) between TIRA and Roth combined. Your total between the two cannot exceed 7000. But the two Roths you already have can be combined, best done by direct transfers since you are only allowed one 60 day rollover. Therefore, I would first complete the two transfers into a new Roth and then make your 2022 contribution with the new custodian.