Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Move to another IRA. I currently have Rollover IRA with one…

Move to another IRA. I...
Move to another IRA. I currently have Rollover IRA with one investment company, and want to move all my funds to another investment company, and close the account with the first investment company. I am trying to avoid any mistakes, make the transition quick, and avoid paying any taxes. What type of IRA should I open with the new investment company? Should I transfer or roll over funds?
Show More
Show Less
Ask Your Own Finance Question
Answered in 18 minutes by:
1/14/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,762
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello!

My name is***** will assist you today.

If the funds are pre taxed dollars, meaning the funds came from an old 401K or you received a tax deduction for the contributions then you have a traditional IRA. - In the scenario you outlined you are transferring funds.

The firm you are transferring the account to will assist you. You typically need to submit a copy of your last statement to the firm that is receiving your transfer and this assists the firm in reviewing your transfer instructions for any possible errors.

Please let me know if you have further questions concerning the transfer of your account.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,762
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,762
2,762 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, CFP® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
What would be the best choice to deposit my pension plan
What would be the best choice to deposit my pension plan funds (fully company funded), in order to avoid paying taxes and penalties? Funds are 100% vested. I worked 24yrs. With company. I am 57 y.o.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I know you can actually place your property into your 401K.
I know you can actually place your property into your 401K. Can we do that and use the equity of our first property to pay off the loan and not incur additional loans?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Prior to 2006, I accumulated contributed both pre-tax and
Prior to 2006, I accumulated contributed both pre-tax and after-tax funds to a 401k. At the time I stopped making contributions to this plan when I left that employer, I had contributed $20,000 after-… read more
socrateaser
socrateaser
1,031 satisfied customers
I have left two companies with 401K plans. I wish to roll
I have left two companies with 401K plans. I wish to roll parts of them over into a self directed IRA in 2015. As of 2015, the law changed so that you are limited to a single distribution from an exis… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I recently signed up for a new 401k plan with a new employer
I recently signed up for a new 401k plan with a new employer (using ING sharebuilder) and am wondering what the best thing to do with my old employer's 401k (currently with Fidelity). Does it make mor… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
I own my own corporation and have a 401k for my wife and i
I own my own corporation and have a 401k for my wife and i that is administered by a large brokerage firm. I also have a 401k from my previous employer that this firm put into a variable annuity. Can … read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Hi, Bill. You helped me back in Feb and March. Im trying to
Hi, Bill. You helped me back in Feb and March. I'm trying to close down a solo 401k account I have at TradeStation and transfer funds to an existing solo 401k account (from same employer) at Vanguard.… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I have a financial question What is good option for moving/handling
I have a financial question: What is good option for moving/handling 401k that is with company I retired from so I can pay less taxes? Can I roll over into another investment vehicle and reduce my tax… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
My company is redistributing our entire 401(k) fund into privately-controlled
My company is redistributing our entire 401(k) fund into privately-controlled investment (read: hedge) funds and trusts. There is little transparency and less oversight. This makes me very nervous. Is… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Hi, i quit my last job and had 401K there. I joined new
Hi, i quit my last job and had 401K there. I joined new company, now thinking what should i do with old 401K. Please suggest best option. Also some one said rolling over to IRA would be great idea. So… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
I took out my money from an IRA invested in mutual funds about
I took out my money from an IRA invested in mutual funds about 40 days ago. I recieved the check and reinvested it with the same company. Does it count as a rollover or reinvestment? It says reinvestm… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
As a Northrop Grumman retiree with a company 401K I have questions
As a Northrop Grumman retiree with a company 401K I have questions regarding the resent announcement of Northrop Grumman's spin off of it's ship building secton to Huntington Ingalls Industries. I hav… read more
Don CPA-CFO
Don CPA-CFO
Bachelor\u0027s Degree
16 satisfied customers
Last year I opened a precious metal IRA and invested in gold
Last year I opened a precious metal IRA and invested in gold coin. Last month I decided to sell the gold. My goal is to roll the proceeds into an IRA at another institution. A few weeks ago the trust … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My ex-employer just recently voted on and accepted the results
My ex-employer just recently voted on and accepted the results to do a reverse stock split at a time of their choosing but they have not done it yet. Although I no longer work there (due to disability… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I have several IRAs which I am considering putting in a money
I have several IRAs which I am considering putting in a money market account because of the current market. I am wanting to know if there are any other possible tax sheltered "investments" I could pos… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I was recently laid off from my job and my 401k plan is being
I was recently laid off from my job and my 401k plan is being terminated by my former employer. I have lost nearly $1000 already on this plan. I am being directed to either rollover the funds or take … read more
James Heal
James Heal
Bachelor\u0027s Degree
495 satisfied customers
Our company is switching our 401(k) plan from The Hartford
Our company is switching our 401(k) plan from The Hartford to someone that our vice president use to have a relationship with. This person use to do rolfing and is now doing financial investments. Thi… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My company was bought out by another company, and I am ...
My company was bought out by another company, and I am being told that I must put my 401k money into the new company's plan. Is that right or can I roll the money into my own IRA?… read more
Matt Kesler
Matt Kesler
Business Owner/Law Student
Doctoral Degree
1,646 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x