My wife just rolled over a 401(k) to a traditional IRA with Wells Fargo. I don’t really like the options with Wells Fargo and I’d like to roll it over to Vanguard. Do I have to wait a year to do that?
Trustee-to-trustee transfers within the same IRA is not subject to the one-per-year rule. The one rollover per year rule applies mainly to rolling one type retirement plan into another, and even then it doesn't always apply. In your case, the IRA still exists, it's just being administered by another trustee.
I have 2 Traditional IRA's and a Roth IRA that I rolled over to physical Gold IRA's this year when I retired. These are Trustee-to-Trustee so there isn't a "one rollover a year" rule. But one IRA had to send the check (made payable to the receiving IRA trustee) to my home first - which I immediately forwarded to the receiving IRA. OK?
As long as the rollover is coded correctly on the 1099R (usually "G") there's no problem. The gross amount of the rollover goes on the tax return on line 4a, and the taxable amount (which is "0" in the case of a rollover) on line 4b.
No, it is not. The tax withheld on the distribution is only an estimate of the tax that could be due on the distribution. The actual tax depends on several factors, including the total of all your other income and any deductions and credits you might qualify for. This is one of the most common misconceptions people have about retirement distributions.
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My wife just rolled over a 401(k) to a traditional IRA with Wells Fargo. I don’t really like the options with Wells Fargo and I’d like to roll it over to Vanguard. Do I have to wait a year to do that?
Trustee-to-trustee transfers within the same IRA is not subject to the one-per-year rule. The one rollover per year rule applies mainly to rolling one type retirement plan into another, and even then it doesn't always apply. In your case, the IRA still exists, it's just being administered by another trustee.
I have 2 Traditional IRA's and a Roth IRA that I rolled over to physical Gold IRA's this year when I retired.
These are Trustee-to-Trustee so there isn't a "one rollover a year" rule.
But one IRA had to send the check (made payable to the receiving IRA trustee) to my home first - which I immediately forwarded to the receiving IRA. OK?
As long as the rollover is coded correctly on the 1099R (usually "G") there's no problem. The gross amount of the rollover goes on the tax return on line 4a, and the taxable amount (which is "0" in the case of a rollover) on line 4b.
Why do owe taxes on the withholding amount isn’t that the tax already?
No, it is not. The tax withheld on the distribution is only an estimate of the tax that could be due on the distribution. The actual tax depends on several factors, including the total of all your other income and any deductions and credits you might qualify for. This is one of the most common misconceptions people have about retirement distributions.