2006-06-28 09:02:57 · 10 answers · asked by Rascal 1 in Business & Finance ➔ Investing
Yes. If you do fully transfer you account in the same type.
Open the account with the new insitution, if you have not yet. Tell them about your plans to transfer an existing Roth IRA - it might be important for them in the process of opeing and qualifying your account.
Tell them to transfer yor old account. They will most likel provide you with a form specifically for that type of transaction.
2006-06-28 09:26:23 · answer #1 · answered by investor 2 · 0⤊ 0⤋
As long as the Roth IRA is going from same name to same name and the other receiving account in a ROTH. If it is transferred into a traditional IRA, you will be double taxing the money in essence because you already paid taxes on the holdings in the Roth. It also works the same way for a Roth 401k roll over that is being transferred to a holding institution, you want it to go into a Roth IRA.
2006-06-28 09:17:06 · answer #2 · answered by hager36 2 · 0⤊ 0⤋
ABSOLUTELY!!!
Contact the financial institution where you want the Roth IRA to be transferred TO and they will provide you with the appropriate paperwork to request the direct transfer.
2006-06-28 09:06:32 · answer #3 · answered by ps2754 5 · 0⤊ 0⤋
As long as the transaction is institute to institute you'll be OK. If you are in the middle you will have to pay taxes.
i.e. if institute A sends you a check and you want to deposit in institute B, you will pay taxes
If institute A sends a check to institute B, then no taxes
2006-06-28 09:08:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, but th institution has to do it for you. They have a form and you will need the info of the institution it is going to.
2006-06-28 09:06:50 · answer #5 · answered by dem1111 2 · 0⤊ 0⤋
sure. There could no longer be any taxes once you move resources from one IRA to a special IRA. in case you open a brokerage account with leading edge, they should be able to settle for the Putnam mutual money. in the adventure that they received't settle for the Putnam money, then you definately would opt to in person-friendly words promote the Putnam money and move the proceeds (money) to a clean IRA.
2016-10-13 22:24:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Depends on the institution but there are no federal penalties.
2006-06-28 09:05:17 · answer #7 · answered by slicehog64 1 · 0⤊ 0⤋
As long as it's done correctly. Best way; institution to institution.
2006-06-28 16:23:15 · answer #8 · answered by Common Sense 7 · 0⤊ 0⤋
Yes.
2006-06-28 09:06:09 · answer #9 · answered by barfly 2 · 0⤊ 0⤋
yes
2006-06-28 09:09:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋