403 b or 403 b 9
Client has a 403b 9 with Envoy Financial. He is a retired Pastor. He has no prof management or service from Envoy. We are looking to rollover his 403b 9 to a 403b.
- is there any difference in the housing allowance between the 430b 9 and rolling to the 403b?
- We did just rollover his 403b Roth to a Roth IRA, as it is tax free. If we rollover over the 430b9 does that count for two rollovers, and he will be taxed?
- The Roth check went straight to the investment company not him. Same will be with the 430b9, if we do so.
Thank you
Douglas
Permalink Submitted by Alan - IRA critic on Tue, 2024-05-21 23:28
Not sure, but I don’t think so. Better verify this with Envoy.
No. The one rollover limit only applies to rollovers between like kind IRAs. A 403b to IRA rollovers are unlimited.
OK. That’s a permitted form of direct rollover, but client should check to be sure the correct amount was deposited into the Roth IRA. A 1099R will be issued, to be reported on line 5 of Form 1040.