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IRA Rollovers Simplified

January 18, 2017

Avoiding unexpected and burdensome tax consequences is of interest to just about everyone! Moving assets from a 401(k) to an IRA rollover is typically a complex process with tight deadlines and intensive restrictions.  You have 2 options:


1) The simplest way is a trustee-trustee transfer which moves the money without you ever having to touch it, it goes directly from one account to the next. Simple.

2) The account holder can have the money sent directly to them in check form. The account holder is given 60 days to get the money transferred to the new account to avoid tax consequences. Note a record of the receipt and deposit of the money must be kept.


Another restriction that commonly causes unforeseen avoidable tax events to occur is that only one transfer may occur in a 365 day period. Financial institutions will not track this for you, it is imperative that you note exactly the date of the last transfer to ensure you do not mistakenly transfer it too soon or tax consequences will apply.


When a transfer event occurs we highly recommend you evaluate your financial strategy and ensure that it isn't due for an adjustment. A wide variety of economic factors such as market volatility, new savings or retirement products, a change in tax code, or political shifts may spark a need for a strategy adjustment. Transfer events create an opportunity for you to reposition to some degree. You may even be unaware that some of the more obscure opportunities such as charitable contribution products even exist.  If you are planning to do a  transfer and would like to make our experience your edge you know where to find us!



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