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i have a nondeductible IRA that already mature. however, i'm running out of time to move them from my bank to a mutual fund of my choice. A rep. from my mutual fund told me to have a distribution and i have 30 to 60 days to roll over to another IRA. Somehow i remember that if i want this route it should not pay directly to me or else i will be penalize.So if i want a distribution for me to rollover to another IRA what name should be put in the check as a payee, is it my name or the mutual fund name where i will rollover.help is greatly appreciated.>>>j
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Greetings, Joy2dworld, and welcome. You wrote:

<<i have a nondeductible IRA that already mature. however, i'm running out of time to move them from my bank to a mutual fund of my choice. A rep. from my mutual fund told me to have a distribution and i have 30 to 60 days to roll over to another IRA. Somehow i remember that if i want this route it should not pay directly to me or else i will be penalize.So if i want a distribution for me to rollover to another IRA what name should be put in the check as a payee, is it my name or the mutual fund name where i will rollover.help is greatly appreciated.>>

You were correctly informed by your current custodian. You may have the proceeds issued to you by check in your name. You then have 60 days from the date on that check to get it to a new IRA of your choice. If you act within that time, there will be no taxes or penalty on the distribution. Just ensure the amount you receive is the full amount of the IRA, and that the custodian has withheld nothing for income taxes. The vast majority of custodians will do that provided you ask and inform them that the money will be rolled to another IRA within the prescribed 60 days.

Regards..Pixy
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If you want to control what type of investment you have
in your roll/over IRA, you would best served by chosing
a brokerage firm (discount and/or online) as custodian for your IRA. Banks, or other institutions tend to restrict the type of investment they will process in
an IRA! All thats necessary is choose the broker; they will provide all the necessary forms the account is set
up soon as they receive the forms and you are ready to
transfer any checks or other qualified assets into the account. They will advise any endorsement needed on cheques. You can the instruct them what you want purchased for the account. You can choose stocks,bonds,
mutual funds etc. etc. and your commission and account
fees will usually be considerably, less than what banks charge. Hope tis will be help! - - Matthew
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Thanks TMFPixy and mattpam, i really appreciate your response. About putting it in a discount brokerage, i will do it next year since i can only rollover once per year. The amount i rollover is too small and i want to consolidate my traditional IRA in one account. I know i'll be missing some pts. by going to a mutual fund i even want to kick myself on this but (sigh) i have to be patient and just forget this year's return.>>>j
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