{"id":13863,"date":"2022-08-14T20:09:39","date_gmt":"2022-08-15T01:09:39","guid":{"rendered":"https:\/\/eextra.news\/paris\/?p=13863"},"modified":"2024-11-25T17:08:43","modified_gmt":"2024-11-25T23:08:43","slug":"what-should-you-know-about-ira-rollovers-darrin-gifford","status":"publish","type":"post","link":"https:\/\/eextra.news\/paris\/2022\/08\/14\/what-should-you-know-about-ira-rollovers-darrin-gifford\/","title":{"rendered":"What should you know about IRA rollovers? || Darrin Gifford"},"content":{"rendered":"<div id=\"attachment_219539\" style=\"width: 1882px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-219539\" class=\"size-full wp-image-219539\" src=\"https:\/\/eextra.news\/paris\/wp-content\/uploads\/sites\/2\/2024\/11\/Screen-Shot-2021-07-02-at-12.20.52-PM.png\" alt=\"Darrin Gifford feature image\" width=\"1872\" height=\"1244\" \/><p id=\"caption-attachment-219539\" class=\"wp-caption-text\">File\/ eExtra News<\/p><\/div>\n<hr \/>\n<p><span style=\"font-weight: 400;\"><strong>If you\u2019ve been contributing to an IRA, you\u2019ve chosen a great way to save and invest for retirement. All IRAs have potential tax benefits and a range of investment possibilities, but not all IRA providers offer the same features.<\/strong> So, if you decide that your current IRA provider is charging higher fees than you\u2019d like, or perhaps doesn\u2019t offer as many investment choices as you want, then you might choose to move your IRA assets to another provider. How should you go about making this switch?\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Here are some options to consider: \u2022 <\/span><i><span style=\"font-weight: 400;\">Trustee-to-trustee transfer or direct rollover <\/span><\/i><span style=\"font-weight: 400;\">\u2013 You can ask the financial institution holding your IRA to move the money directly to another IRA. No taxes will be withheld from the amount transferred at the time of the transfer. This method is generally hassle-free, but some IRA sponsors will still only mail the check to your address of record, so you\u2019d have to forward it to your new IRA.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li><i><span style=\"font-weight: 400;\">Indirect rollover <\/span><\/i><span style=\"font-weight: 400;\">\u2013 If you take an indirect rollover, also known as a 60-day\u00a0 rollover, the assets from your existing\u00a0 IRA will be liquidated and the custodian or plan sponsor will send you a check or deposit the funds directly into your bank or brokerage account. This payment may be subject to withholding for federal taxes,\u00a0 and possibly state taxes unless you opt out of withholding. You have 60 calendar days from the time the funds were withdrawn to deposit the money, including any amount withheld, into a new IRA. If you miss this\u00a0 60-day deadline, the withdrawal may be taxable at your personal income tax rate, and it could also be subject to an early with<\/span>drawal penalty if you\u2019re younger than 59\u00bd. Given the immediate withholding and the possibility of further taxes if you don\u2019t move the money into a new IRA before the 60 days are up, you\u2019ve got much to consider before initiating an indirect rollover. Consequently, you should consult with a financial advisor and tax professional before you make this type of move. In addition to a rollover from an existing IRA, you may someday want to move the money from your 401(k) or similar employer-sponsored retirement plan to an IRA. This can occur when you retire or change jobs, although if you do take on another job, you might have the options of leaving your 401(k) with your former employer or rolling it over into your new employer\u2019s plan. However, if you do want to move your 401(k) funds into an IRA, you can make what\u2019s known as a direct rollover, in which the administrator of your old retirement plan will send you a check made payable to the custodian of your IRA. No taxes will be withheld, but you need to get the funds transferred within 60\u00a0 days to avoid any potential tax issues. You spend years contributing to your IRA and 401(k) \u2014 and for good reason. So, when it\u2019s time to move that money, be careful and consider getting help from your financial and tax professionals. These funds can play a big role in your retirement in come, so manage them wisely.<\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">This article was written by Edward Jones\u00a0\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">for use by your local Edward Jones\u00a0\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Financial Advisor.\u00a0<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve been contributing to an IRA, you\u2019ve chosen a great way to save and invest for retirement. All IRAs have potential tax benefits and a range of investment possibilities, but not all IRA providers offer the same features.<\/p>\n","protected":false},"author":1,"featured_media":9672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[97],"tags":[98,99,11],"class_list":["post-13863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-darrin-gifford","tag-finance","tag-paris-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What should you know about IRA rollovers? || Darrin Gifford - Paris<\/title>\n<meta name=\"description\" content=\"If you\u2019ve been contributing to an IRA, you\u2019ve chosen a great way to save and invest for retirement. 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