How Can We Help?
< Back
You are here:
Print

custodian change

Posted
Last Updated On
ByTom

L1: custodian changeCan the custodian of a 72T account be change without and penalty or starting a new 72T. I have looked through the searchs and can find nothing on the subject2008-06-11 18:12, By: Tom, IP: [70.232.240.68]
L2: custodian changeYes, having a 72t does not make you a captive of the current custodian. If you want to move the account, do it by direct transfer to keep your rollover options open if you need them within the next year. Also, there is less risk to your plan with a total transfer because of PLR 2007 20023 which busted a SEPP due to a partial transfer.
Finally, do not attempt to move the current IRA to another type of retirement plan, such as a solo K plan. Thatwould bust your plan.
If you are getting a 1099R with the exception coding, you will probably have to use a 5329 to claim the exception in the future.2008-06-11 19:51, By: Alan S., IP: [24.116.165.60]

Table of Contents