Withdrawing after transfering an IRA
My client transferred 1/2 of their IRA (trustee to trustee) to an annuity from a mutual fund. How does the 12-month transfer rule affect a future withdrawal of say 20% from either the new annuity or the original mutual fund? Can we make a withdrawal from either IRA?
Permalink Submitted by Al Fry on Thu, 2008-11-20 22:01
What is the client’s age?
Permalink Submitted by Ann Vanderslice on Thu, 2008-11-20 22:37
61
Permalink Submitted by mk foss on Fri, 2008-11-21 02:33
The 12 month rule applies to rollovers not transfers. You can do any number of trustee-to-trustee transfers with any given 12 month period.
Permalink Submitted by Ann Vanderslice on Fri, 2008-11-21 14:36
Thanks. That’s what I thought, but a colleague had me doubting myself.
Permalink Submitted by Alan Spross on Fri, 2008-11-21 21:18
Of course, the annuity provisions with respect to surrender charges are a separate issue to be considered when moving funds out of the annuity.