Thanks everyone, yes the tIRA contribution was non-deductible, so I will just rollover those small amounts into the Roth IRA's.
One other silly little issue, we rolled over my wife's Rollover 401k into one of her former 401K's that would thankfully accept new money, but after we went through the whole process of rolling over a 6 figure amount, we got a second rollover check for several hundred dollars that we then also sent in as a rollover (was interest/dividends that were earned but not paid when the full rollover was taken out), but today we received a third check for $0.28, literally 28 cents. Can we just deposit that in our savings account and pay tax on the 28 cents or is there some larger penalty associated with cashing a check from a rollover IRA, regardless of how small? And maybe more importantly, how do we make it stop so I don't get another 10 cent check next month?
Thanks.
One other silly little issue, we rolled over my wife's Rollover 401k into one of her former 401K's that would thankfully accept new money, but after we went through the whole process of rolling over a 6 figure amount, we got a second rollover check for several hundred dollars that we then also sent in as a rollover (was interest/dividends that were earned but not paid when the full rollover was taken out), but today we received a third check for $0.28, literally 28 cents. Can we just deposit that in our savings account and pay tax on the 28 cents or is there some larger penalty associated with cashing a check from a rollover IRA, regardless of how small? And maybe more importantly, how do we make it stop so I don't get another 10 cent check next month?
Thanks.
Statistics: Posted by Colorado21a — Wed Oct 09, 2024 9:25 pm