Page 12 - Talk of Tequesta - November '22

Page 12, The Talk Of Tequesta

financial focus

What Should You Know About IRA Rollovers?

By Sally Sima Stahl

If you’ve been from the amount transferred at the time of the transfer. This of leaving your 401(k) with your former employer or
contributing to an IRA, method is generally hassle-free, but some IRA sponsors rolling it over into your new employer’s plan. However, if
you’ve chosen a great will still only mail the check to your address of record, so you do want to move your 401(k) funds into an IRA, you
way to save and invest you’d have to forward it to your new IRA. can make what’s known as a direct rollover, in which the
for retirement. All IRAs • Indirect rollover – If you take an indirect rollover, administrator of your old retirement plan will send you a
have potential tax benefits also known as a 60-day rollover, the assets from your check made payable to the custodian of your IRA. No taxes
and a range of investment existing IRA will be liquidated and the custodian or plan will be withheld, but you need to get the funds transferred
possibilities, but not all sponsor will send you a check or deposit the funds directly within 60 days to avoid any potential tax issues.
IRA providers offer the into your bank or brokerage account. This payment may You spend years contributing to your IRA and 401(k)
same features. So, if you be subject to withholding for federal taxes, and possibly — and for good reason. So, when it’s time to move that
decide that your current IRA state taxes, unless you opt out of withholding. You have 60 money, be careful and consider getting help from your
provider is charging higher calendar days from the time the funds were withdrawn to financial and tax professionals. These funds can play a big
fees than you’d like, or perhaps doesn’t offer as many deposit the money, including any amount withheld, into a role in your retirement income, so manage them wisely.
investment choices as you want, then you might choose new IRA. If you miss this 60-day deadline, the withdrawal This article was written by Edward Jones for use by
to move your IRA assets to another provider. How should may be taxable at your personal income tax rate, and it your local Edward Jones Financial Advisor, Edward Jones,
you go about making this switch? could also be subject to an early withdrawal penalty if Member SIPC.
Here are some options to consider: you’re younger than 59½. Edward Jones is a licensed insurance producer in
• Trustee-to-trustee transfer or direct rollover – You can Given the immediate withholding and the possibility of all states and Washington, D.C., through Edward D.
ask the financial institution holding your IRA to move the further taxes if you don’t move the money into a new IRA Jones & Co., L.P., and in California, New Mexico and
money directly to another IRA. No taxes will be withheld before the 60 days are up, you’ve got much to consider Massachusetts through Edward Jones Insurance Agency
before initiating an indirect rollover. Consequently, you of California, L.L.C.; Edward Jones Insurance Agency of
should consult with a financial advisor and tax professional New Mexico, L.L.C.; and Edward Jones Insurance Agency
iT’s The law! before you make this type of move. of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
In addition to a rollover from an existing IRA, you
may someday want to move the money from your 401(k) cannot provide tax advice. You should consult your
or similar employer-sponsored retirement plan to an IRA. qualified tax advisor regarding your situation.
This can occur when you retire or change jobs, although
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
Did You Know if you do take on another job, you might have the options 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

That, In Florida …

By Adam S. Gumson, Esq.

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