How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2267
Experience:  Certified Public Accountant
Type Your Finance Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

I opened a retirement account while I was working and when I

Customer Question

I opened a retirement account while I was working and when I quit working, money still kept going in to the account. I was told that this account needs to be transferred, to a different type of account, but that the money that went in this year cannot. My credit union suggested I try to fiind someone who can help me do with the money that which would least penalize
JA: The Expert will know what to do. Is there anything else the Expert should be aware of?
Customer: I don't think so .. do you need to know the money involved?
Submitted: 10 months ago.
Category: Finance
Expert:  Mark Taylor replied 10 months ago.

Hi, my name is Mark. I will be happy to help you with your question. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 10 months ago.

You would need to set up an IRA account and have the money rolled over into this account. There would be no penalty if the money remains in the IRA account.