I retired and transferred part of my pension distribution to a Roth IRA. If I am over 55, do I still qualify for the age 55 exemption?

June 30, 2024 No Comments

A: The age 55 exception applies only to distributions from qualified plans and 403(b) accounts. Once the assets have been credited to an IRA, that benefit no longer applies to those assets. You mentioned that you put part of your pension distribution in a Roth.

I retired and transferred part of my pension distribution to a Roth IRA. If I am over 55, do I still qualify for the age 55 exemption?

July 7, 2024 No Comments

I want to close my IRA account. What percentage will I lose to tax?

June 30, 2024 No Comments

A: You can move the amount by means of a trustee-to-trustee transfer to another IRA, or roll over the amount to your 401(k). You would need to check with your current employer to determine if it will allow the rollover. This way, you will keep

I want to close my IRA account. What percentage will I lose to tax?

July 7, 2024 No Comments

I work for a university, and I have a 403(b) with TIAA-CREF. But TIAA-CREF says I cannot transfer money to another provider. Can they prevent me from transferring my money to a better investment?

June 30, 2024 No Comments

A: It depends. The IRS does permit the transfer of assets between 403(b) providers; however, employers and 403(b) providers are not required to allow such transfers. Generally, the transfer is permitted only if the new 403(b) account (to which the assets are being transferred) is

I work for a university, and I have a 403(b) with TIAA-CREF. But TIAA-CREF says I cannot transfer money to another provider. Can they prevent me from transferring my money to a better investment?

July 7, 2024 No Comments

If a company undergoes an acquisition can an employee withdraw 401(k) funds tax free?

June 30, 2024 No Comments

A: Although the participant may be eligible to withdraw the funds if a plan is terminated as a result of an acquisition or other similar transaction, this does not mean that the 10% penalty will be waived. However, the participant would qualify for an exception

If a company undergoes an acquisition can an employee withdraw 401(k) funds tax free?

July 7, 2024 No Comments

If an IRA owner dies after starting required minimum distributions (RMD) but the spouse is under 70.5, can the spouse roll over the IRA into his/her own IRA, and stop RMDs until age 70.5?

June 30, 2024 No Comments

A: If the IRA owner dies after the required beginning date (RBD) and his/her beneficiary is his/her spouse, the spouse beneficiary may either: Begin death distributions by Dec 31 of the year following the year the IRA owner dies. In this case, the distributions must

If an IRA owner dies after starting required minimum distributions (RMD) but the spouse is under 70.5, can the spouse roll over the IRA into his/her own IRA, and stop RMDs until age 70.5?

July 7, 2024 No Comments

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