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IRA Rollover Professionals

Start a Traditional IRAAn IRA rollover occurs when you move your funds from a 401k, 401a, 403b, 457, profit sharing, or qualified pension plan, to a traditional IRA. To be eligible for a rollover, typically you must be retired, changing jobs, or separated from service. You can also roll an existing IRA to a new IRA.

There are 2 types of IRA Rollovers ...

1. Direct IRA Rollovers (safest & most common)
A direct IRA rollover occurs when your 401k, 401a, 403b, profit sharing, or qualified pension plan funds are transferred by your employer directly to a traditional IRA. Also referred to as a direct trustee to trustee transfer, this method allows you to avoid any tax penalties and early distribution penalties if you are under age 59 1/2.


2. Indirect IRA Rollovers (you must pay 20% out of pocket)

An indirect IRA rollover occurs when your employer sends you the check and it's your responsibility to roll all or a part of it into an IRA within 60 days. Your employer is required to withhold 20% for federal taxes and you must personally deposit (out of pocket) the 20% tax withholding that was deducted from your distribution. The amunt not rolled over in addition to the 20% withholding will be reported to the IRS as a distribution. Generally you can reclaim these funds when you file your tax return, but only if you rollover the entire amount. All distributions not rolled over within 60 days will be subject to income taxes and a 10% penalty if under age 59 1/2. Under this method, you will receive a form 1099R to report the distribution and a form 5498 to report the rollover.

Benefits of an IRA Rollover

- No current income tax on the amount rolled over

- No tax on earnings allowing your funds to grow tax deferred

- Simplified calculation of RMD (required minimum distributions)

- Consolidated account statements

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