Timothy Sumer

Watch our next webinar to discover how to use whiteboard videos like this to grow your practice: Financial Advisor video marketing, Loan Officer, Reverse Mortgage, Medicare Agents Transcript: If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. The wrong move could cost you in income taxes and early withdrawal penalties. You typically have four options, and you may engage in a combination of these options. You can leave the money in your former employer’s plan, if permitted. You can also cash out the account value, but you should research the tax implications first. There are two basic ways to move retirement plan assets from one retirement plan to another with no tax consequence. With a direct rollover, your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld, and your account continues to grow tax deferred. With an indirect ro...

(972) 417-2855 Get Whiteboard Animated Videos like this one for your business here: (619) 850-5835 Here are some important factors to consider before Converting Funds from a Traditional IRA to a Roth IRA Roth IRAs provide tax-free income and eliminate the need for Required Minimum Distributions. But the conversion of funds from a traditional IRA to a Roth IRA is considered a taxable distribution, subject to federal income tax and a possible penalty. If your funds consist of investment earnings and tax-deductible contributions, then converting your traditional IRA funds to a Roth IRA will result in federal income tax due on those funds. ). Paying the tax due with IRA funds reduces the amount that grows tax free in the Roth IRA IRA funds used to pay the tax may be subject to additional income tax and possibly a penalty. However, if you pay the tax due with non-IRA funds, that allows more dollars to be funneled into the tax-free Roth IRA. We can help you determine wh...

Get Whiteboard Animated Videos like this one for your business here: What happens if I you inherit an IRA from someone who is not a spouse and you'll decide to disclaim part or all of the benefits? If you decline to accept all or part of the IRA assets you are entitled to, they will pass to the other eligible beneficiaries. If no other beneficiaries exist, the assets will pass to the original IRA owner's spouse and then to the estate. A decision to disclaim IRA assets must be made within nine months of the original IRA owner's death and before you take possession of the assets. This is an irrevocable decision and must be weighed carefully. For more information on inherited IRA's, please contact our office.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/what-happens-if-i-inherit-an-ira-fr...