IRAs have another function. If you are entitled to a lump-sum distribution when you leave an employer with a qualified rollover plan, you can simply rollover it to an existing or new IRA. Don’t worry about co-mingling rollover IRAs and the traditional IRA. That restriction went away some years ago. But, you can’t co-mingle a Roth and traditional IRA rollover accounts. Continue reading
When it comes to IRAs, there are two different ways to rollover your assets between different IRA accounts. The first is what’s known as a transfer, or direct rollover. In this rollover process, one financial institution sends a request to the other for a transfer and the disbursing institution sends a check in return. Because the funds are never transferred to the IRA account holder, the process is not considered to be taxable by the IRS.
The second form of rollover is known as an indirect rollover, or a 60 day rollover. In this case, the original financial institution makes out a check directly to the IRA holder, who must then deposit this IRA rollover contribution into the receiving institution within 60 days. If this deadline of IRA rollover isn’t met, the funds will lose their status as IRA funds, meaning that they may be taxed as ordinary income and subject to additional penalties. Continue reading
If you’re looking to set up an IRA rollover account, you’re probably wondering how to accomplish this successfully, without incurring any unnecessary taxes and penalties. Luckily, the IRA rollover process isn’t as hard as it might seem. By understanding basic IRA rollover information, you can set up an IRA account that will enable you to build and grow your retirement savings. Continue reading
When it comes to IRAs, the many names that exist for all of the different types of accounts can get confusing. If you’ve recently established a rollover IRA, you may be confused as to which types of accounts can be transferred into that rollover IRA. The following are some guidelines that will help you understand the process. Continue reading
The best, most desirable option for transferring funds to your rollover IRA account is to request a transaction called a direct rollover. In this type of transaction, you begin with your rollover IRA account managers or trustees. Tell them you want a direct rollover of your IRA funds, using the exact phrase “direct rollover”. Continue reading
In short, all IRA accounts can be targets for some type of rollover – it just depends on the nature and rules of both the originating account and the target account. You may be facing the decision to perform an IRA rollover because you have a new job or because you’ve left a job and want to consolidate your retirement investments in one place. Unfortunately, some of the things that you’ll need to do throughout the IRA rollover process will be determined by factors beyond your control. Continue reading
In truth, the phrase “Rollover IRA Distribution” is a bit of a misnomer. A distribution is vastly different from a rollover and, in fact, this type of transaction really undercuts the whole process. However, there’s a way to set up a rollover from one IRA to another that preserves your retirement investments, but it must be separate from a distribution in order to maintain the tax deferred status of your savings. Continue reading
Rollover IRA accounts are incredibly useful when you have an old retirement account that you want to close, but want to maintain the tax deferred status of your investments. This way, a change in employment will not affect your long range retirement plans. Continue reading
A rollover IRA allows you to consolidate all of those old accounts into one new one, making it easier to manage your investment options and plan for retirement. In addition, most rollover IRA accounts offer a wider range of investment opportunities than your old employer’s plan Continue reading
A rollover IRA is a great tool that’s designed to maximize your retirement investing options while offering the same tax advantages you’ll find with traditional employer-operated retirement accounts, such as the 401k or 403b. However, before you can start contributing to an IRA rollover account, you’ll need to understand what they are and how to set one up.
Why Should I Establish a Rollover IRA?
If you’ve recently left a job or are considering a transition to a new employer, you may be wondering what to do with all of the funds you’ve invested in the company’s 401k or 403b retirement plan. Continue reading