Rollovers Frisco TX Don't Have To Be A Confusing Process
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If most things financial are confusing to you, rollovers Frisco TX can boggle your mind. The IRS says that rollovers can save on taxes until after retirement if you roll-over a pre-retirement payment from a 401K or IRA--but, if you are under 55 and not retired yet, why would you be getting a pre-retirement payment? Leaving a place of employment is an ideal example of an instance when you would want to take the money out of a retirement account that you have had through your employer. You do not want to lose that money, but you would have to pay taxes on it if you simply withdrew it and closed out the account. Rolling it over into another retirement account, possibly one that you instead of an employer controls, would save you from having to pay taxes until you retire.

Rollovers Frisco TX: No Purchases Allowed

Investopedia reminds investors to consider the "Same Property Rule" when rolling funds over from one retirement account to another. Taking the funds from one IRA and placing them into another is perfectly fine. However, if you were to purchase stocks with those funds, the withdrawn amount would be taxable and likely subject to penalties, even if you placed those stocks into another IRA. Exactly what is withdrawn from an IRA must be reinvested in another retirement account if you want to avoid paying taxes.

Annuities Frisco TX: Is it Necessary?

There are times when rollovers Frisco TX are unnecessary. For example, for the simple purpose of moving funds between institutions, according to Investopedia, the better choice is to do it through a transfer. Transfers are not reported, and they are practically instantaneous, so you don't run the risk of going over the 60-day deadline the government gives you to get the money back into a retirement account. Plus, you can only roll over funds from one account once in a 12-month period, but there is no limit to the number of transfers you can make.

When you need assistance deciding whether or not rollovers Frisco TX are the right choice for you, Jason Graziani can help. An expert in financial services, Jason has the skills and experience to help you make sense of the retirement and investment puzzle you have been struggling with. Your future is everything, so it is good to know that you do not have to plan for it alone. Let one of the leading financial advisors in DFW get you on the right track to peace of mind. Call Jason Graziani today at 972-992-1920.


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