No. of Recommendations: 0
Pixy

You don't know how much I appreciated you last post about direct transfers. I had called the IRS today because I received a 1099R for distribution of retirement savings that I had transferred to my broker due to seperation of service from my previous employer. This IRS agent had me almost in tears. She was saying that I could not take my 403b fund or my pension fund and "roll" it over into an IRA. She said that now I would be subject to the tax on all that money and I would also exceed the yearly maximum IRA contribution and would be penalized 6 percent. I frantically called my financial advisor and she told me the IRS agent was mistaken. After reading your post, I now understand that what I did was a direct transfer and was not related to any kind of rollover. I can sleep better tonight knowing that the IRS isn't coming after my retirement nestegg. Thanks for a wonderful post at a most appropriate time. Jo
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement