Follow The Rules

Look Ma, No Hands

There are several ways to consolidate IRA accounts. Rollovers, allowed once per year, entail taking receipt of the funds and transferring them to another institution within 60 days. This method of consolidation generates a notice to the IRS, so be sure you keep your paperwork in order; you'll need it if questioned.

With a direct transfer from one custodian to another, assets never touch human hands (at least not yours), and the IRS doesn't usually receive a notice. Make your life easier, and let your new custodian's fingers do the walking.

« Previous 1 2 3 4 5 6 7 8 9 10 11 Page 12 13 Next »

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the January 2000 print edition of Entrepreneur with the headline: Follow The Rules.

Loading the player ...

Do More Homework Before Launching That Business

Ads by Google

Share Your Thoughts

Most Shared Stories

1
Want Media Attention? Target Trades First
2
6 Things Mark Cuban Says You Need to Be Great in Business
3
Don't Just Start a Business, Solve A Problem
4
The 80/20 Rule and How to Supercharge Your Sales and Marketing
5
Is It That Important to Be Nice?