I am an employed professional, with some 1099 income on the side with moonlighting. Last year I opened a solo 401K with Vanguard as a sole proprietor and made some employer contributions (I max out my 403b at day job). As you all know, Vanguard has now moved this to Ascensus and I missed the deadline to move the funds elsewhere (to be honest, didn't know what to do). I have a rollover IRA and a traditional IRA (with zero balance) at Vanguard, and my day employer 403b is at Transamerica. I'm not the most savvy investor, and would like to keep funds under the same company as much as possible for the sake of simplicity. My questions are:
1. What should I do with this solo 401K at Ascensus? I will have much less 1099 income this year, so don't mind losing this option.
2. What can the money be rolled over to?
3. Additionally, what I can move the Vanguard rollover IRA funds to, to avoid pro-rata rule and be able to use backdoor Roth?
1. What should I do with this solo 401K at Ascensus? I will have much less 1099 income this year, so don't mind losing this option.
2. What can the money be rolled over to?
3. Additionally, what I can move the Vanguard rollover IRA funds to, to avoid pro-rata rule and be able to use backdoor Roth?
Statistics: Posted by sbhat27 — Wed Jul 24, 2024 9:03 pm — Replies 0 — Views 73