401(k)

Rollovers and Successor Beneficiary Rules: Today’s Slott Report Mailbag

QUESTION:My client is terminating employment and rolling over the funds from his 401(k). He was told that the funds must be rolled over to a “rollover IRA” and kept separate from any other IRA funds that he has. He already has another IRA, and he just wants to roll over the funds to that IRA. Is that allowed?

One 60-Day Rollover Per Year?

SCENARIO: In one calendar year, Jessie completes the following transactions:1. Takes a partial distribution from her 401(k) and does a 60-day rollover to an IRA. 2. Does a 60-day rollover from one traditional IRA to another traditional IRA.

Just A Few Days Left to Fix 2023 Excess 401(k) Deferrals

If you exceeded the 2023 limit for 401(k) deferrals, time is of the essence to correct the error. If you don’t act quickly, the tax consequences can be serious.The maximum amount of pre-tax and Roth contributions you could make for 2023 was $22,500 (plus $7,500 more if you were least age 50).

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