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rollover/transfer

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ByDrew

L1: rollover/transfer
What are the rules for transfering an IRA when the owner has started taking 72t distributions?2009-01-20 22:11, By: drew, IP: [64.253.178.210]

L2: rollover/transferIt can only be transferred to another IRA holding no previous non SEPP assets, or the plan is busted. A Roth IRA conversion is allowed also.Total transfer: Should be done by direct trustee transfer. Note that if owner is not getting the exception code on the 1099R, that can be expected to stop and trigger a need to File a 5329 to claim the SEPP exception. Owner will also have to accept the coordination of distributions to be sure that the exact annual amount is distributed between the two custodians.Partial transfer: Same as above, except there remains a minor exposure to PLR 2007 20023 where the IRS busted a SEPP in a partial transfer. This is likely an aberration, but you should still be aware of it. This PLR is reviewed in detail on this site on PLRs of Interest.2009-01-21 01:34, By: Alan S., IP: [24.116.165.60]

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