2007-01-11 03:27:57 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, done all the time. However, I strongly advise against taking posession of the money.....for tax reasons. Simply set up an IRA in the destination account and have the money transferred. Usually the recipient will be happy to help you with this.
2007-01-11 03:40:30 · answer #1 · answered by Rick 3 · 0⤊ 0⤋
Yes but to most-easily avoid a 10% penalty you need to open the second IRA account and have that IRA receive the transferred money. Otherwise you run the risk that the money you get from the first IRA will not get quickly into the second IRA and you will be hit with the penalty.
2007-01-11 11:48:09 · answer #2 · answered by Rich Z 7 · 0⤊ 0⤋
that would be called an ira transfer....as long as you keep the money in an ira you will be fine...not sure what you mean when you say you want your money closer to you. if you have mutual funds in your ira, your money is invested into companies all over the world, so even if you put it in your local bank in their investments it is still going to be invested all over the world. unless you put it in a cd or something like that, and then you money will be invested into peoples homes and businesses all over your area.
2007-01-11 13:16:49 · answer #3 · answered by besthusbandever 4 · 0⤊ 0⤋
Absolutely. Very smart. As long as you roll it over there will be no IRS penalties. Roll it over in an account that doesn't cost you anything and gets a good safe return. I can put you in touch with someone who can help, and it won't cost you a dime. What state are you in?
2007-01-11 19:26:50 · answer #4 · answered by Susan C 3 · 0⤊ 0⤋
You can, but it should be in another IRA account to avoid tax issues.
2007-01-11 11:36:48 · answer #5 · answered by sa 5 · 0⤊ 0⤋
Yup.
Close to home????? You plan on touching or smelling it?
These days, money is never that far away with all this electronic banking & internet stuff.
2007-01-11 14:24:32 · answer #6 · answered by derek 4 · 0⤊ 0⤋