Q. How do I roll over my 401k to a rollover IRA?
A. Some plan sponsors let employees direct a rollover over the telephone and some require their own paperwork. You will need to have the name of the new custodian where the money will be transferred and either an account number or social security number so the transferring and accepting custodians can identify the transfer. A trustee to trustee transfer done in this way will generate a 1099G showing the distribution of the account as non-taxable.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Friday, September 12, 2008
Monday, September 8, 2008
FAQ FRIDAY - September 5, 2008
Q. Should I rollover my 401k into an IRA or leave it in the 401k?
A. Typically, there are more investment options available to investors in a rollover IRA than in an employer plan. The advantages of this include additional opportunities for diversification, performance and fund cost transparency.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
A. Typically, there are more investment options available to investors in a rollover IRA than in an employer plan. The advantages of this include additional opportunities for diversification, performance and fund cost transparency.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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