Can I start/convert a Roth IRA and have a DB plan too?

[Guest gasser]

I am 52 yrs old and started a DB plan in 2006 which is currently active with a planned retirement date of 10/2019 when I am 62 yrs old. My annual taxable income has ranged from low 200's to mid-300's last couple of years. I also have a Profit sharing plan with a balance of about 62K which I no longer contribute to. I called my CPA to ask if I could start a ROTH IRA and he told me yes. Still I am confused about exactly how to do this. When I called Schwab, the administrator of the DB plan and asked if I could open a Roth, they referred me back to my CPA.

What is the deal; can I open a Roth, and if so how?

Thanks,

[SoCalActuary]

I am 52 yrs old and started a DB plan in 2006 which is currently active with a planned retirement date of 10/2019 when I am 62 yrs old. My annual taxable income has ranged from low 200's to mid-300's last couple of years. I also have a Profit sharing plan with a balance of about 62K which I no longer contribute to. I called my CPA to ask if I could start a ROTH IRA and he told me yes. Still I am confused about exactly how to do this. When I called Schwab, the administrator of the DB plan and asked if I could open a Roth, they referred me back to my CPA.

What is the deal; can I open a Roth, and if so how?

Thanks,

You should convert your profit sharing plan to a 401(k) plan that permits roth deferrals. Discuss this with your TPA.