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Technology Stocks : Ascend Communications (ASND)
ASND 221.33-1.3%Feb 11 3:59 PM EST
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To: LakesideTrader who wrote (7419)7/29/1997 3:26:00 AM
From: Dick Smith   of 61433
 
(OFF TOPIC) Bad info about transferring IRAs!

Zeeshan said, "You have 60 days, I believe, in a 12 month period to roll over the account."

That's an old rule. Actually, you still have 60 days, but if the money passes through your hands at all, there is now a required 20% withholding. You may make that up from your own cash when you do the rollover, and get it all back, but it's tough to pony up 20% of the IRA, and not get it back until tax time!

Wby this rule change? I suspect that it was considered too easy to make yourself an effective 59-day loan once per year by rolling an IRA through yourself. Now, there is no withholding only if you do a direct transfer from one retirement plan to another. This is the same rule that applies to closing out a 401(k) plan account.

Hope this helps. I am not a tax advisor, but would hate to see anyone burned... check this out before acting!
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