Vanguard site: can't pick destination fund for Roth conversion

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montanagirl
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Vanguard site: can't pick destination fund for Roth conversion

Post by montanagirl » Sat Jan 06, 2018 11:50 am

Today I tried twice to convert some tIRA to Roth. I have the same funds on both sides of the conversion wall, and last year I did three conversions no problem. But today, when I went to select the fund on the Roth side, it didn't display the two funds I have there. But there was the Submit button like that' all I could do. It just said convert to Roth account XXXXXXX. So I couldn't pick the destination fund.

I was tempted to hit Submit and see where the conversion ended up... :confused

Is this just a temporary glitsch or the way they're doing it now?

Apparently Support is not open Saturdays anymore.

livesoft
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by livesoft » Sat Jan 06, 2018 11:51 am

Maybe one just needs to scroll down to see the funds? The Vanguard web site apparently does not show scroll bars when it should.
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montanagirl
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by montanagirl » Sat Jan 06, 2018 12:32 pm

livesoft wrote:
Sat Jan 06, 2018 11:51 am
Maybe one just needs to scroll down to see the funds? The Vanguard web site apparently does not show scroll bars when it should.
There is no list, no scroll bars at all. Just "Account to convert to" followed by my name and brokerage account number, then Submit.

There must be some site maintenance going on but you'd think they'd say so.

livesoft
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by livesoft » Sat Jan 06, 2018 12:36 pm

Right, there are no scroll bars, but I find that scrolling still works.

I just tried a Roth conversion and it all works for me, but I must scroll to see the existing funds in the existing Roth account.

And I was converting from OLD mutual fund account IRA to brokerage Roth IRA. I clicked on "Buy & Sell", then "Moving money between accounts."
Last edited by livesoft on Sat Jan 06, 2018 12:43 pm, edited 4 times in total.
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retiredjg
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by retiredjg » Sat Jan 06, 2018 12:38 pm

Did you use "sell" or "exchange"? Try the other and see if that fixes it.

Are you on the old mutual fund platform or the new brokerage platform?

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jhfenton
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by jhfenton » Sat Jan 06, 2018 1:16 pm

If you select the "Convert to Roth IRA" option, my understanding is that it merely moves the position(s) chosen to the chosen Roth account and reports the conversion at the end-of-day value. There is no sale or exchange. It certainly doesn't give me the option to choose a destination fund, just a destination account. (I am on the new brokerage platform.)

retiredjg
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by retiredjg » Sat Jan 06, 2018 1:26 pm

I'm on the old mutual fund platform. I did a conversion a few weeks ago and did not see a "convert to Roth" button. I tried exchange or sell (not sure which) and it didn't work. Then I switched to the other and it did work.

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jhfenton
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by jhfenton » Sat Jan 06, 2018 1:45 pm

It sounds like montanagirl is on the new brokerage platform as I am. The "Convert to Roth IRA" option merely moves Asset X from Traditional IRA A to Roth IRA B. There is no sale or exchange.

And that makes sense. A traditional IRA brokerage account can hold mutual funds, ETFs, bonds, stocks, etc. The only one of those for which "exchanging" from a fund in Account A to Account B would make sense is a mutual fund. But they are all convertible from Account A to Account B.

TN Bogle
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by TN Bogle » Sat Jan 06, 2018 1:48 pm

I believe this is what I had to do. Let the money sit in a settlement account for 7 days in the TIRA. Then convert to the RIRA into that settlement account. I could then purchase funds from that settlement account under the buy/sell option.

stan1
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by stan1 » Sat Jan 06, 2018 3:28 pm

jhfenton wrote:
Sat Jan 06, 2018 1:16 pm
If you select the "Convert to Roth IRA" option, my understanding is that it merely moves the position(s) chosen to the chosen Roth account and reports the conversion at the end-of-day value. There is no sale or exchange. It certainly doesn't give me the option to choose a destination fund, just a destination account. (I am on the new brokerage platform.)
This is what I did this week. I transferred my $6500 2018 contribution from a money market fund in my taxable account to a dormant zero balance Traditional IRA brokerage account on 1/2. I invested the $6500 in Federal Money Market Fund (settlement account). I clicked the "Convert to Roth IRA link" on 1/3. I selected my legacy mutual fund Roth IRA to convert into. There were no choices on how to invest in the Roth IRA so I assumed they would transfer over the Federal Money Market holdings. That's what happened. I ended up with $6500.22 including 1 day's interest in Federal Money Market fund inside my Roth IRA mutual fund account on 1/4. I exchanged to REIT Index on 1/5.

Erwin007
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by Erwin007 » Sat Jan 06, 2018 4:59 pm

I don’t have a brokerage account tIRA, but my wife does. On 1/2 I put $5,500 in each of our traditional IRAs. A couple of days later I logged into hers and there is a link that says “Convert to Roth IRA.” Doing this in her account merely put $5,500 into the prime money market fund in her Roth IRA, which was the same fund it was in in her tIRA. This happened last year and I forgot for almost 9 months to go in and buy Total International in her Roth IRA :oops: I’ve set a reminder this year to do it next week once the conversion happens.

For my non-brokerage account tIRA, I had to click on “exchange” and then it let me choose the destination, which I designated as my Roth IRA Total International Fund. Saved a step so I didn’t have to then exchange from the prime money market fund into the fund I actually wanted.

edge
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by edge » Sat Jan 06, 2018 7:25 pm

Vanguard’s processes and website are quite bad. For some reason when I did my conversion VG opened up new federal money market accounts. Typical VG clunkiness.

montanagirl
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by montanagirl » Sat Jan 06, 2018 7:36 pm

edge wrote:
Sat Jan 06, 2018 7:25 pm
Vanguard’s processes and website are quite bad. For some reason when I did my conversion VG opened up new federal money market accounts. Typical VG clunkiness.

The process used to be fine. It was like any other exchange, only it would catch it as a conversion and ask the withholding questions before completing.

stan1
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by stan1 » Sat Jan 06, 2018 7:45 pm

edge wrote:
Sat Jan 06, 2018 7:25 pm
Vanguard’s processes and website are quite bad. For some reason when I did my conversion VG opened up new federal money market accounts. Typical VG clunkiness.
I've have had problems like that before. Back when Prime Money Market fund was usable as a settlement account I ended up with three different Prime Money Market accounts in my Roth IRA because they kept spawning new ones for no apparent reason. You can go into the customize view section and filter them out. I wish they would keep 1 basis point of expenses on total assets under management for 3 or 5 years to fix their IT platform (cost basis being one).

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jhfenton
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by jhfenton » Sat Jan 06, 2018 8:10 pm

montanagirl wrote:
Sat Jan 06, 2018 7:36 pm
edge wrote:
Sat Jan 06, 2018 7:25 pm
Vanguard’s processes and website are quite bad. For some reason when I did my conversion VG opened up new federal money market accounts. Typical VG clunkiness.

The process used to be fine. It was like any other exchange, only it would catch it as a conversion and ask the withholding questions before completing.
"Exchange to convert" conceptually made more sense when you were only dealing with mutual funds and each mutual fund holding was technically a separate account. The exchange process makes less sense when converting brokerage assets in one account to brokerage assets in another account. You can't exchange an ETF or a individual bond.

edge
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by edge » Sat Jan 06, 2018 9:59 pm

Yes it was better like that.
montanagirl wrote:
Sat Jan 06, 2018 7:36 pm
edge wrote:
Sat Jan 06, 2018 7:25 pm
Vanguard’s processes and website are quite bad. For some reason when I did my conversion VG opened up new federal money market accounts. Typical VG clunkiness.

The process used to be fine. It was like any other exchange, only it would catch it as a conversion and ask the withholding questions before completing.

montanagirl
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Re: Vanguard site: can't pick destination fund for Roth conversion

Post by montanagirl » Sun Jan 07, 2018 9:43 am

jhfenton wrote:
Sat Jan 06, 2018 8:10 pm


"Exchange to convert" conceptually made more sense when you were only dealing with mutual funds and each mutual fund holding was technically a separate account. The exchange process makes less sense when converting brokerage assets in one account to brokerage assets in another account. You can't exchange an ETF or a individual bond.
Thing is, I did all my conversions using the new brokerage platform. It was tricky to figure out but I could still go from TSM tIRA to TSM Roth.

They must have tweaked it for the new year. :|

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