Page 22 - Abacoa Community News - November '22

Page 22, Abacoa
Financial Focus

What Should You Know IRA will be liquidated and the custodian or plan sponsor as a direct rollover, in which the administrator of your old

About IRA Rollovers? will send you a check or deposit the funds directly into your retirement plan will send you a check made payable to the
bank or brokerage account. This payment may be subject to
custodian of your IRA. No taxes will be withheld, but you
withholding for federal taxes, and possibly state taxes, unless need to get the funds transferred within 60 days to avoid any
By Sally Sima Stahl you opt out of withholding. You have 60 calendar days from potential tax issues.
If you’ve be en the time the funds were withdrawn to deposit the money, You spend years contributing to your IRA and 401(k) —
contributing to an IRA, including any amount withheld, into a new IRA. If you miss and for good reason. So, when it’s time to move that money,
you’ve chosen a great way to this 60-day deadline, the withdrawal may be taxable at your be careful and consider getting help from your financial and
save and invest for retirement. personal income tax rate, and it could also be subject to an tax professionals. These funds can play a big role in your
All IRAs have potential early withdrawal penalty if you’re younger than 59½. retirement income, so manage them wisely.
tax benefits and a range of Given the immediate withholding and the possibility of This article was written by Edward Jones for use by
investment possibilities, but further taxes if you don’t move the money into a new IRA your local Edward Jones Financial Advisor, Edward Jones,
not all IRA providers offer before the 60 days are up, you’ve got much to consider before Member SIPC.
the same features. So, if you initiating an indirect rollover. Consequently, you should Edward Jones is a licensed insurance producer in all states
decide that your current IRA consult with a financial advisor and tax professional before and Washington, D.C., through Edward D. Jones & Co., L.P.,
provider is charging higher you make this type of move. and in California, New Mexico and Massachusetts through
fees than you’d like, or perhaps doesn’t offer as many In addition to a rollover from an existing IRA, you may Edward Jones Insurance Agency of California, L.L.C.;
investment choices as you want, then you might choose to someday want to move the money from your 401(k) or Edward Jones Insurance Agency of New Mexico, L.L.C.; and
move your IRA assets to another provider. How should you similar employer-sponsored retirement plan to an IRA. This Edward Jones Insurance Agency of Massachusetts, L.L.C.
go about making this switch? can occur when you retire or change jobs, although if you do Edward Jones, its employees and financial advisors cannot
Here are some options to consider: take on another job, you might have the options of leaving provide tax advice. You should consult your qualified tax
• Trustee-to-trustee transfer or direct rollover – You can your 401(k) with your former employer or rolling it over into advisor regarding your situation.
ask the financial institution holding your IRA to move the your new employer’s plan. However, if you do want to move Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
money directly to another IRA. No taxes will be withheld your 401(k) funds into an IRA, you can make what’s known 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
from the amount transferred at the time of the transfer. This
method is generally hassle-free, but some IRA sponsors will Dyslexia, ADD/ADHD,
still only mail the check to your address of record, so you’d
have to forward it to your new IRA.
• Indirect rollover – If you take an indirect rollover, also Gifted Testing
known as a 60-day rollover, the assets from your existing

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