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Important Questions and Answers about IRA Rollovers

Barry Kornfeld

The principal of First Financial Tax Group, Barry M. Kornfeld is well versed in first position commercial mortgage notes, or FPCMs. An experienced financial advisor, Barry Kornfeld also helps clients with individual retirement account (IRA) rollovers.

IRA rollovers involve the use of direct transfers or physical checks to move money from retirement accounts and into a separate IRA account. Here are a few answers to the questions that you may have about IRA rollovers:

Can I transfer money after the initial rollover?
Yes, and you are free to add more funds to your IRA at any time by making yearly deposits or by rolling another employer retirement account into it. This can make your retirement funds easier to manage, as you will only need to oversee a single account.
Are Roth IRAs included in the rollover process?
Many individuals choose to transfer funds from their 401(k) accounts into Roth IRA accounts. It is important to note, however, that your Roth IRA will be subject to taxes if you are using 401(k) funds that were accumulated pre-tax.
Can I transfer from one IRA to another?
You may move funds between IRA accounts, but you will need to determine whether your personal IRAs allow for this type of transfer. Some accounts only permit a single rollover or transfer each year. Also, there is a big difference between an IRA rollover and an IRA transfer.

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