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Rolling Over IRA?
Posted on 2/6/11 at 11:40 am
Posted on 2/6/11 at 11:40 am
Switched jobs back in October. What's the best way to transfer my previous employer IRA to my current one without being taxed? Do I contact my previous IRA first or my current to start the process.
3
Posted on 2/6/11 at 11:41 am to buford4LSU
quote:
Do I contact my previous IRA first or my current to start the process.
Yes
Posted on 2/6/11 at 10:01 pm to buford4LSU
Yes, contact your new employer IRA brokerage firm and have them issue the order to transfer. If you contact your previous one and have them send you the money, they withhold 20% for taxes, then you have to deposity the full amount in your new IRA and wait to get the 20% back when you file the next tax year.
Posted on 2/6/11 at 11:41 pm to buford4LSU
Why not open a self directed IRA and you can invest in whatever the hell you want instead of the options only allowed under the new plan.
Posted on 2/7/11 at 2:52 pm to Broke
Make sure you never touch the money/check. Create the new IRA then contact old one and ask for the tax free rollover to new plan.
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