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IRAs: Frequently Asked Questions

IRAs: Frequently Asked Questions


When should I use a rollover to my IRA?

That depends on your particular needs and circumstances. Here are some reasons you might want to roll over distributions to your IRA:

  1. You want to, or have to, take a distribution from your employer's plan and want these funds to continue to grow tax-free in your own IRA.

  2. As a self-employed individual, you are terminating your Keogh plan or retiring from business and want to continue the tax shelter for these distributions.

  3. You are the beneficiary of a deceased person's retirement plan and want to continue the tax shelter for these distributions in your own IRA.

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Is there a downside to an IRA rollover?

Here are some of the disadvantages of an IRA rollover:

  1. Rollovers from company or Keogh plans may take away your spouse's right to share in plan assets.

  2. IRAs can't claim the limited tax relief allowed on lump-sum distributions.

To avoid tax hassles, rollovers should be done between the trustees of the plans involved. In other words, the check should not be made out to you personally, but to the trustee of the rollover account.

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Awards

We are honored to receive an award as the Best Accounting firm, in SMB market, for 2018 in San Francisco by the San Francisco Award Program. It is an annual awards program honoring the achievements and accomplishments of local businesses throughout the San Francisco area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value. We also help individuals with their tax problems and tax returns

Accountants, San Francisco 2018 Award
Expertise Award 2019

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