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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10796
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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What are the other forms of a qualified accounts beside the

Customer Question

what are the other forms of a qualified accounts beside the IRA to rollover monies without the tax having to be paid
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

In terms of a personally owned (not through a workplace) account, the traditional - non-roth - IRA is it

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But since the Pension Protection Act of 2006 (PPA, 2006) rolling pre-tax dollars between almost ANY qualified account is allowed (legally - the plan itself may not allow it - that's a plan document issue).

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here's an excellent rollover chart that lists the primary quallified plans and the ability to roll for other qualified accounts.

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http://www.irs.gov/pub/irs-tege/rollover_chart.pdf

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YOU CAN also roll from all-pre-tax dollar accounts such as pure pre-tax 401(k) to Roths, but this is a taxable event

Expert:  Lane replied 1 year ago.

There are a few other HYBRID type plans out there, (and non-qualifed deferred comp where there ARE tax benefits but they dont work like classic pre-tax accounts)

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But the primary ones are as follows:

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  • Roth IRA
  • Traditional IRA
  • SIMPLE IRA
  • SEP-IRA
  • 457(b) Qualified Plan (pre-tax)
  • 403(b) (pre-tax)
  • Designated Roth Account (401(k), 403(b) or 457(b))
Expert:  Lane replied 1 year ago.

I am CFP, have a law degree with concentration in taxation and corporate law (Juris Doctorate), and an MBA with specialization in Finance.

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But the credential that applies most here is my C.R.P.S. (Chartered Retirement Plans Specialist)

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If you'll tell me more about what you're trying to do, and what options you have (whether you have a CURRENT workplace plan for example), as well as ballpark income levels ... I'm sure I can help you make an informed decision.

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let me know how else I can help

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Lane

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