457 to existing IRA
Hi
I have a client with an existing IRA, is it possible to roll over her 457(b) into the existing IRA? Or do I need to open a designated rollover account.
Thank you
Phil
Hi
I have a client with an existing IRA, is it possible to roll over her 457(b) into the existing IRA? Or do I need to open a designated rollover account.
Thank you
Phil
Permalink Submitted by Alan - IRA critic on Thu, 2020-10-01 21:29
A govt 457b plan can be rolled into any existing IRA account. That said, if the rollover is large and the existing IRA is not itself a rollover IRA, and if all IRA assets exceed 1.4mm in some states the client will have better creditor protection by rolling the 457b into a new rollover IRA. Otherwise, it’s fine to roll it into any currently existing IRA account.