Debt Management

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If you don’t know the rules of the game, it’s easy to get fouled out, and when it comes to IRA Rollovers, those fouls can cost you big money if you are not careful.  It’s inevitable, at some point or another we might ditch one provider, advisor or fund company for another.  Or we may leave one job for a new one or simply retire. If you are planning to, or have already initiated an IRA Rollover, watch out for these common mistakes, because one misstep can cost you dearly.

So what is a Rollover IRA? A rollover IRA is a special type of IRA that is used to receive distributions from an employer sponsored qualified plan, such as 401k, 403b, defined benefit or profit sharing plans.

The Rules

60 day Rule:  Whether you’re rolling over a company retirement account or IRA assets, you have a maximum of 60 days in which to complete the rollover to another IRA if the distribution is made directly to you, instead of the rollover IRA account.  Failure to complete the rollover in this time frame will result in taxes and possibly penalties.  Specifically, you must include the amount of the distribution as ordinary income on your taxes, and if you are younger than 59 ½ you also get

sacked with a 10% penalty on the withdrawal.

Any rollovers you make involving a traditional IRA must be reported on your tax return for the year the distribution is made.  Your financial institution will typically issue a 1099R documenting the distribution, and the receiving financial institution will issue a form 5498 documenting the receipt of the funds in the new account.

One Year Waiting Rule:  You may not make another rollover from the same IRA to another IRA if you have already conducted a rollover (full or partial) from that same IRA account.  The exception to this rule is a distribution from an employer sponsored qualified plan.

Same Property Rule:  IRA Rollovers from one IRA to another must consist of the same property.  Specifically, this rule prohibits your ability to take a distribution from your IRA and purchase other assets with that cash, only to later deposit the newly acquired assets into another IRA.  The IRS frowns upon this transaction and will consider this as a cash distribution, which of course, will cause a taxable event.

Hands down, the most effective way to avoid IRA transfer blunders is to request “trustee-to trustee” transfers.  This simply means is that the financial institution holding your IRA assets will provide directions on how to transfer those assets to an IRA directly to another financial institution.  This bypasses the need for you to take possession of the funds (ie. receive a check payable to you).  In most cases, the transfers can be electronically sent directly to the new firm or Fund

Company.  In other instances, a check may be sent to the investor, but payable to the new provider or custodian for your benefit (ie. check payable to Fidelity FBO John Smith).  

Frankly, the “trustee-to-trustee” method this is the easiest way to transport your money from one bucket to the next if you are merely moving your IRA from one custodian to another.  A “transfer” is not necessarily considered a “rollover”, can be done an unlimited number of times, and is not reported as a distribution, which therefore exempts you from the one year waiting rule.  

Not All Rollovers are Created Equal

Pay particular attention to rollovers from employer plans like the 401k.  Rollovers are slightly different than “direct rollovers”.  Company 401k direct rollovers allow you to transfer your retirement funds directly over to your new employer’s retirement plan or into a rollover IRA plan as a trustee to trustee transfer. With a 401k direct rollover, a retirement distribution check is directly made payable to your new qualified retirement plan or custodian.  Conversely, with an indirect rollover, your 401k plan proceeds are distributed to directly you, but the law requires that the plan administrator

withhold 20% of your funds in an indirect rollover which is sent directly to the IRS.  This means, that in order to satisfy the 60 day rule, you’d have to deposit not only the check proceeds from the 401k, but the money withheld for taxes!  Ouch.

The bottom line is this, when it comes to rollovers, you better know your stuff–or at least have the proper oversight with a competent advisor.  The IRS is just waiting for you to botch the transaction so they can collect their precious taxes and penalties.  That could spell disaster for you, both in terms of taxes and the wasted opportunity to grow your IRA’s on a tax deferred basis.  So, before you roll….do your homework.

With the economy the way it is today, more people are struggling with paying bills and just basic living expenses.

How do you manage from day to day or month to month? Many, many people are out of work and struggling to figure out what to do. Do I need to go to credit counseling is a question many are asking themselves.

Hector Milla Editor of the “Credit Card Debt Counseling” website — http://www.CreditCardDebtCounseling.biz — pointed out;

“…How do I go about it and how do I know who to trust and is dependable? There are many places out there who are not honest and once they have your business they don’t take care of your bills and you are left with a higher debt than before. These companies get a status of saying they are a non-profit organization like churches claim this legitimately. The consumers are paying a fee for their services and it is not a contribution from them. This is why you need to be careful and search to find a counseling company that is really there to help and not take advantage of you…”

Is this a good practice to find a credit counseling system to help you? Yes, I believe it is and it can give you the help you need. These counseling systems used to be a valuable help and were an honest way to get that help. It showed your creditors you were trying to do the right thing and wanted to be responsible. But over time too many people saw a chance to make money and gain profits. They didn’t care about the consumer or his situation. One way to find out if a company is legitimate is to call and ask about their services. You can ask about classes or resources they offer. If you don’t get a satisfactory answer, then the best bet is you don’t want them. They have an obligation to give you advice on your situation so you are aware of the choices you can have.

“…A credit counseling person through a home mortgage agency is a reliable source. These agencies offer options on dealing with finances and how to do better with them. They give you ideas on how to manage your income and debts. You will want to see if a company is legitimate by checking them out with the Better Business Bureau, also check with them to see complaints listed and check on the rates charged to you for this service…” added H. Milla.

Further information about how to get the most of your credit counseling process by visiting; http://www.CreditCardDebtCounseling.biz