roll overs frisco txGetting your hands on the money you have earned is not always easy. For example, if you are ready to retire and take the funds you have been acquiring in your 401K or IRA, you could be in for a hefty tax rate. In addition to federal rates, you will be facing some state, and possibly local taxes, too. If you are a high-income investor, you may also have to relinquish a Medicare surtax. You do, however, have other, tax free options. Roll overs in Frisco TX allow you to move your money from one plan to another without being hit by so many taxes.

When you consider what to invest the money into, you might choose a similar type of account, or something new, but you can now take as much money as you want, or can, from the current plan and deposit it into your chosen account. Generally, your transfer is entirely tax free, so long as you do this within 60 days of your retirement. After that, you can withdraw the money whenever you want, and only have to suffer normal income tax rates for the year you distributed the funds. However, you have to start the minimum withdrawals within the year after your age reaches 70.5. Until then, your money can continue to accrue.

You can also move your funds without taxes when you change jobs. You may only have one roll over per year for each account you hold. When you distribute the funds, you report that on form 1099R, and then the rollover goes on form 5498 for the IRS. In the 60 days of your withdrawal, you can spend the money as you please. However, you must make sure the amount of the roll overs into Frisco TX IRAs are the same as what you originally withdrew, and that all is deposited prior to the deadline. Any money you use is taxed by 20%.

Direct roll overs are the best way to avoid taxes. Having a trustee move your money directly from your current account to an IRA, ready and waiting in your name, means avoiding the 20% that is automatically withheld if the funds are handed over to you, first.

Financial and business consultant, Jason Graziani, has the knowledge and experience to help you with your financial needs. Bring your questions and concerns about roll overs in Frisco TX to him, and let him help you make the right decision for your money. Call 972-992-1920,

Roll Overs Frisco TX

Jason Graziani

15150 Preston Road, Suite 300

Dallas, Texas 75248

(972) 992-1920