Timeline for Moving a Roth IRA: Can I withdraw the funds and deposit them, or do I have to do a "transfer"?
Current License: CC BY-SA 3.0
15 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Apr 7, 2017 at 20:07 | comment | added | QuantumMechanic | Here's a cite on the new rule, btw: irs.gov/retirement-plans/ira-one-rollover-per-year-rule And it looks like it's harsher than I remembered. You can't even put the money back if you take a 2nd distribution, by my reading of that document! | |
| Apr 7, 2017 at 20:06 | comment | added | D Stanley | @QuantumMechanic I believe your second comment is indicated (anecdotally) in both the question and comments. | |
| Apr 7, 2017 at 20:03 | comment | added | D Stanley | @QuantumMechanic Thanks - I indicated that but made it more clear. | |
| Apr 7, 2017 at 20:03 | history | edited | D Stanley | CC BY-SA 3.0 |
added 52 characters in body
|
| Apr 7, 2017 at 20:02 | comment | added | QuantumMechanic | Note that trustee-to-trustee (i.e. direct) transfers don't have to be electronic. If they send you a physical check with payee something like New Custodian FBO Joe Customer that is a trustee-to-trustee transfer. | |
| Apr 7, 2017 at 20:01 | comment | added | QuantumMechanic | Just be aware of the recent (2015, I think) Tax Court decision that made indirect transfers more dangerous if you're not careful. You can now only do ONE indirect transfer per (IIRC) rolling 12-month period. Not one per account. Not one per kind of IRA. ONE. If you do an additional one it will be an invalid transfer and you'd better put the money back where it came from within 60 days. All the more reason to do a trustee-to-trustee transfer. | |
| Apr 7, 2017 at 15:28 | history | edited | D Stanley | CC BY-SA 3.0 |
added 439 characters in body
|
| Apr 7, 2017 at 15:25 | comment | added | D Stanley | @mhoran_psprep Some brokerages can do it electronically, but yes if they mail you a check it will likely need to be made out to the receiving brokerage (and likely need the destination account number as well). That's why I say to contact both brokerages to get all of the requirements on both sides. | |
| Apr 7, 2017 at 15:25 | vote | accept | jimmy0x52 | ||
| Apr 7, 2017 at 15:25 | comment | added | jimmy0x52 | This sounds painful enough to just wait for the postal mail. I hate that it's 2017 and I still have to physically mail a piece of paper. Thanks for the thorough answer. | |
| Apr 7, 2017 at 15:24 | history | edited | D Stanley | CC BY-SA 3.0 |
added 27 characters in body
|
| Apr 7, 2017 at 15:22 | comment | added | mhoran_psprep | Generally even though the check is mailed to you, you want to have it made out to the new IRA custodian that way they don't hold any money back for taxes. | |
| Apr 7, 2017 at 15:19 | history | edited | D Stanley | CC BY-SA 3.0 |
added 145 characters in body
|
| Apr 7, 2017 at 14:41 | history | edited | D Stanley | CC BY-SA 3.0 |
added 31 characters in body
|
| Apr 7, 2017 at 14:30 | history | answered | D Stanley | CC BY-SA 3.0 |