Auto enrolled in a 414H at job ... will be leaving that job and starting new job on June 1.
This 414H has approximately 1,000 in it (wasn't there long, didn't contribute much - I didn't even know I had it until my tax form came)
In NJ, what to do with this 414h? Leave as is? Can I roll/convert this into my Roth IRA (I've already transferred a SIMPLE IRA to the Roth this year)
new job offers 401K/profit sharing after 1 year ... but for now, what to do with this 414?
Thank you BBI $ gurus.
If you want to roll into a Roth, you'll have to pay taxes on the money. You also need to pay taxes on that SIMPLE you rolled, if you didn't already.
annex - go to your personal bank and open up a 401K, hopefully you have some status there so there are not fees to open. Call the financial institution your current company investment is with and tell them you want to roll it over. They are going to need your personal 401K account info (# and institutions address). If you call your personal bank, they will call the other bank and facilitate the transfer for you.
Mind you when you get the money there will be fees for each stock, etf or mutual fund you buy. If you are not a savvy investor you may want to save the fees and just invest it all into a Spider S&P 500 ETF.
If you have a stable financial situation you should invest heavily at the new job - find out what they match (now a days if you invest 6% of your gross income most places will match 3%) regardless you should do the minimum required to get them to do the maximum match. If youre young and living at home, invest a lot (10% or more) you will regret it later if you dont!