Rollover from Annuity IRA
I have 3 separate IRA annuity contracts with 2 different Custodians. I would like to surrender annuity and rollover funds into my Traditional IRA at a different Custodian. Am I restricted with new Rules for allowing only 1 rollover per 12 month period? Can I surrender the 3 annuity contracts and transfer funds to my other Traditional Custodial IRA account? This would be a Custodian to Custodian transfer/rollover.
Permalink Submitted by Alan - IRA critic on Tue, 2018-11-06 17:54
As long as you move the funds by direct trustee transfer, you can move funds an unlimited number of times. The one rollover per 12 month limit only applies to 60 day rollovers where a check is cut to you personally and this limit now applies for all your IRA accounts combined. Each of your annuity IRAs are probably in separate IRA accounts so you would have to use direct transfers for at least two of them. To save your one 60 day rollover for emergency needs, best to directly transfer all 3 of them. If you are moving them to a single IRA custodian, you can probably arrange for that custodian to handle the transfers for you.
Permalink Submitted by russell twilley on Tue, 2018-11-06 18:10
Thank You … and yes, plan is to surrender and move 3 separate IRA annuity contract funds via Custodian-to-Custodian without any withdrawals or checks issued to me. Thank You…