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moving ROTH IRA funds to Vanguard

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  • #1

    moving ROTH IRA funds to Vanguard

    Hi-
    I recently discovered I have about $1,000 in a ROTH IRA with a small company I know nothing about (Munder?). I'd like to roll this money into my Vanguard ROTH IRA, but in doing so, will I then be able to contribute $4,500 instead of $5,500 this year? How to I explain this tax-wise? Do I need to set up a separate ROTH?

    thanks
    Jen
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  • #2
    It's a fairly simple process to roll over a Roth IRA from one company to another. I recommend you just call Vanguard's customer service, explain that you need help bringing another account over to Vanguard, and they can walk you through it. I did the same thing 2 years ago, and it was exceedingly simple. While on the phone with Vanguard, they walked me through filling out the forms online, and conference-called my previous institution to set up the transfer on their side.

    Assuming this account was funded prior to 2013 (sounds like it), this rollover will have no impact on your contribution limits for this year or next year.

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    • #3
      Are you holding cash or ? in your 'Munder' ROTH IRA? Was that a contribution for a specific year? I suspect transferring to Vanguard is merely a change of custodian. Will you add the sum to a specific existing Vanguard MF?

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      • #4
        I agree with calling Vanguard and letting them handle the transfer.

        I'm really curious how you forgot you had this account and what made you choose that company in the first place.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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        • #5
          Hi-
          Thanks for the replies. I will call Vanguard. Ideally I'd like to add it to my existing ROTH IRA with them because between DH and I I'm managing 8 retirement accounts and I think that's enough.

          I got a call about this Munder account last year - it was listed under my maiden name and apparently they couldn't find me (I've moved a bunch of times). After getting my undergrad degree I worked in a NY state position for 2 years. I think this money was the retirement savings from that employment. My mother's name was also listed on the account so I think she rolled the funds into this ROTH when I left. This was 15+ years ago.

          It looks like it's all invested in a "Munder Growth Opportunities Fund" and it is a custodial ROTH IRA.

          -Jen

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          • #6
            Originally posted by Snydley View Post
            This was 15+ years ago.

            It looks like it's all invested in a "Munder Growth Opportunities Fund" and it is a custodial ROTH IRA.
            The fact that it was a custodial account means you were under 18 when the account was opened. Your parent(s) would have needed to be involved. My daughter's Roth is the same way since we opened it when she was 17.

            I wonder how much you've lost to account maintenance fees over 15+ years with a small balance.
            At least you know about it now and can transfer it to Vanguard. And no, it won't affect your 2013 or 2014 contribution. Rollovers are separate from contributions.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment

            • #7
              I wonder how much you've lost to account maintenance fees over 15+ years with a small balance.
              Ugh I know!! And yes of course, if it's custodial it must have been set up when I was a minor..and then my parents forgot?? Where did this money come from? I bet they don't remember.

              I'm so sad they dropped the ball on this- imagine if I had this properly invested for 20+ years (I'm 39).

              Oh well, better late then never I guess.

              thanks
              Jen

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              • #8
                Originally posted by Snydley View Post
                Ugh I know!! And yes of course, if it's custodial it must have been set up when I was a minor..and then my parents forgot?? Where did this money come from? I bet they don't remember.
                Roths can only be funded with earned income so it must have been from some job you had back then. Did you work during high school? DD funded her Roth with money from babysitting and her summer job.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment

                • #9
                  Originally posted by Snydley View Post
                  Ugh I know!! And yes of course, if it's custodial it must have been set up when I was a minor..and then my parents forgot?? Where did this money come from? I bet they don't remember.

                  I'm so sad they dropped the ball on this- imagine if I had this properly invested for 20+ years (I'm 39).

                  Oh well, better late then never I guess.

                  thanks
                  Jen
                  On the other hand, you unexpectedly have an additional 1k in your Roth!

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