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Financial Planning / Tax Strategies
|Subject: Re: 403b||Date: 6/10/2001 3:20 AM|
|Author: gailkay||Number: 51679 of 121114|
I have a 403b which I want to roll over to a traditional IRA because it will only allow me to have mutual funds in it. With a traditional IRA, I can put my money into stocks. This is my question, can I do this if my income is above the limits? I know that I will not be able to contribute in the future to the IRA but can I put the money that I have already invested in the 403b there. I have terminiated employment with the company that had my 403b. Thanks.
The rules for distributions from a 403(b) plan are generally the same as for any qualified plan. You might want to read the distribution and rollover sections of Publication 575
and Publication 571
I know that I will not be able to contribute in the future to the IRA but can I put the money that I have already invested in the 403b there.
Actually, you can contribute to that IRA if you don't intend to roll those distributed funds into another employer's qualified plan.
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