IRA & 401k Rollovers
Have you changed jobs and left behind a 401k or other employer-provided qualified retirement plan?
Whether you are expecting a lump sum distribution or still need to regain control of these important retirement accounts, we can help! You can defer income taxes, often for many years or even decades by rolling the lump sum into an IRA. Should you decide to do a rollover, a trustee-to-trustee transfer can help you avoid withholding tax that may otherwise apply.
Another important consideration is the conversion of an IRA to a Roth IRA. Ordinary income tax will have to be paid on the amount converted, but subsequent investment income may be free of further taxation. What’s more, there are no required minimum distributions for Roth IRA account owners, in contrast to ordinary IRAs.
Visit with our bankers to discuss your options and we will help you get started.