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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.
 

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