With the RMD waiver, it's a good year to convert some of my Rollover IRA to a Roth IRA.
(I'm retired, older than 75)
I already made a QCD to my church.
I already have a Roth IRA. Are there reasons to start a new one, or should I take the easy route and just roll funds into the existing Roth account?
My accounts are at Fidelity -- the conversion appears to be easy to do online. I'll probably still call to check whether I'm missing something.
Thanks for advice from our knowledgeable board,
ALSO: " A Roth IRA conversion made on or after January 1, 2018, cannot be recharacterized. For details, see “Recharacterizations” in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)."
IRA FAQS - Recharacterization of IRA Contributions
My reasoning for conversion - if I assume that the positions grow at the same rate in the Roth IRA as they would have in the IRA, the tax hit will be smaller (eventually) because the growth won't be taxed. I'll probably stay in the same tax bracket (but rates may go up from here).
Of course, I have to pay the tax this year on whatever I convert.
The only reason I could imagine for opening a new, separate, Roth IRA is ease of tracking each pool, old and new.