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I am considering transferring two of my IRA accounts to another Investment firm in which I currently hold an IRA. Are there any tax consequences or IRA penalties that I need to be concerned about?
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Welcome, fallsflyer. Glad you could join us.

No, as long as you do direct custodian to custodian transfers, no taxes are due and there are no penalties. To arrange this transfer, contact the firm you want to receive the accounts. Usually they have forms to fill out and they will do the rest.

If you do receive a check for the account balance, then you must be careful to deposit it in the new account within the time limit--60 days I think, and if withholding was taken from the payment, you must replace those funds in the account or pay taxes and penalties on that amount as a penalty distribution. That's the reason to do the direct transfer if you can.
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>>>I am considering transferring two of my IRA accounts to another Investment firm in which I currently hold an IRA. Are there any tax consequences or IRA penalties that I need to be concerned about?<<<

No tax consequences or IRA penalties but be aware there may be exit fees from the investment firm you are leaving. Perhaps $50 per account, perhaps nothing. If you can, consider combining your two IRA's before transfer if there is fee.

Doug
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No tax consequences or IRA penalties but be aware there may be exit fees from the investment firm you are leaving.

This is true assuming you handle the transfer correctly. If you don't, then you will have to pay taxes on all of it. It's not hard, just be careful.
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