Are you tied up by multiple rollovers? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Are you tied up by multiple rollovers?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. I want to consolidate my IRAs in one place. Can I roll over a few IRAs and the retirement plans of previous employers to a Fidelity account this year? M.P.R., Eugene, OR

A.  Yes. The tax law permits you to roll over funds tax-free from each qualified plan to an IRA within 60 days. Similarly, multiple rollovers can be made between IRAs.

Tip: Rollover amounts from qualified plans are subject to income tax withholding, unless you arrange a trustee-to trustee transfer.
 

Leave a Comment