can i pool my ira, keoh, ira sep all together for withdraw purpose?

Question

i do have ira, keoh, sep, etc for my retirement. i reached 70 years old and had to withdraw the retirement funds accumulated. can i pool all these seperate acct. into one for withdraw purpose?

Answer 1

If you have actually retired, you should be allowed to roll the Keogh and the Sep into IRAs. If you have more than one traditional IRA, you must determine a separate required minimum distribution for each IRA. However, you can total these minimum amounts and take the total from any one or more of the IRAs.

Answer 2

Any solid monetary representative would allow you to understand to diversify, so i does no longer placed all of them in a unmarried position. i'd keep the 401(ok) seperate, it has diverse tax guidelines than the others besides, yet perhaps consolidate the IRA's into basically a million or 2. i'm no longer particular what an SEP is yet no matter if it is equivalent to an IRA then roll that one into the consolidation too. once you do opt for what number money you want to have, p.c.. those with the most ideal mix of low costs and severe historic returns. do not get any that are authentic new or have a severe each and every year cost as you would get burned, exceptionally on a down 3 hundred and sixty 5 days. you also want to judge how lengthy you've till retirement and then make certain you're invested wisely with regard to probability. The longer you've till you retire, the longer you've on you money to augment and the better the threat is that you need to be taking. in case you in trouble-free terms have many years till retirment keep on with bonds and earnings money which have low probability. If the market takes a header you gained't have sufficient time to make up for the loss from severe probability inventory money.

Answer 3

First, contact a tax attorney, you will have to pay taxes on those withdrawals, and they may have some better ideas on how to take care of those.
As for withdrawing, once that is done, you can open a separate regular account and have all the money deposited there. You can use that single account for distributions. Again, you will want to discuss that with your tax attorney, because I believe that any gains made in that account will be taxable once again.

Answer 4

Attempting to "pool" the accounts may trigger a taxable distribution of the entire amount. That would trigger a massive tax bill.

You do need to make minimum withdrawals each year based upon your actuarial life expenctancy. Just withdraw at least that percentage from each account every year to stay ahead of the tax man.

Answer 5

If you're talking about the minimum required distribution, no, each must be calculated separately, and the minimum withdrawn from an account of that type. But if you have for example three traditional IRA's, you could take your entire MRD from any one of them and still be OK.

Answer 6

They may have their own tax consequences - like if you were planning to leave money to your decedents then you would want to leave them the IRA - you would be taxed on the gain when you withdraw it, but they wouldn't. Best to check with an accountant - a good one - it would be well worth the $200 bucks for good advise. You might also check to see if there is free advise available through the senior center.