You may have amassed hundreds of thousands of dollars in your retirement savings accounts, or maybe even a million or more. When you finally tap into that money, you'll be taxed on the withdrawal at rates that could reach a staggering 35 percent, plus any state income taxes due.
But you can defer the tax hit for a while longer—perhaps forever—by transferring (or "rolling over") the money into a traditional IRA or a qualified plan. The problem: Rollovers aren't always simple maneuvers; they include some twists you need to be aware of. Here's what you need to know:
Rollovers from qualified plans
If you retire or quit your job, you can roll over your qualified retirement plan's assets into an IRA or another qualified plan, such as the retirement plan at your new job. For this purpose, a qualified retirement plan includes:
• An employee plan such as a pension, profit-sharing or 401(k) plan.
• A state or...(register to read more)
- Small Business Tax Deduction Strategies No matches