Direct transfer: The custodian of one spouse's IRA does a direct trustee-to-trustee transfer of assets to the IRA of the other spouse. The IRA of the spouse receiving the transfer may be a new or existing one. Both methods are tax-free -- they do not create taxable income for the re...
You can roll over your IRA, 401(k), 403(b), or lump sum pension payment into an annuity tax-free.
The carrier's application paperwork will include an IRA transfer authorization form. This tells your present IRA custodian to release your money to the insurance company. Such a transfer is called a "direct transfer" (custodian to custodian) and should not create a taxable event. If you have ...
A reverse rollover is when you transfer funds from an IRA into an employer-sponsored 401(k) plan. It’s not the go-to solution recommended by most financial advisors, but in some cases, it works. Here are a few of those scenarios. ...
In general, you can only use one self-employed retirement plan per business. However, if you have multiple companies or side gigs, you could have a SEP IRA for one and a solo 401(k) for another. That could make sense if one business has employees and the other doesn’t. ...
Managing the finances of another person is a big trust, and financial caregivers need to ensure that the data, privacy and identity of their loved ones are safe. Financial advisors themselves need to be protected on the internet, and any of these tools can secure them from unscrupulou...
A good financial advisor can help you sort through which plans work best for your financial situation.1. Solo 401(k)The solo 401(k) may often be overshadowed by the SEP IRA, another small business retirement plan, but the solo 401(k) is probably a better option. The solo 401(k) lets...
You can fund most IRAswith a check or a transfer from a bank account— and that option is as simple as it sounds. You can also put existing retirement funds into your IRA. Moving funds from any type of retirement account to an IRA is called a transfer, a rollover or a conversion. ...
If you can't come up with that kind of cash all at once, you can set up a schedule that works for you. For example, it’s easy to set up automated payments that regularly transfer money from your bank account into your IRA account. That could be every two weeks (when you get your...
Generally, you can perform an IRA-to-IRA rollover only once every 12 months. As of January 1, 2015, the tax court ruled that all of your traditional IRAs are treated as one IRA for this purpose.2 The assets you withdraw must be the same assets that you roll over to your IRA. For ...