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    GLOBAL TAX & ACCOUNTING SERVICE INC.

    GLOBAL TAX & ACCOUNTING SERVICES INC.

    GLOBAL TAX & ACCOUNTING SERVICE INC.

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    OFFICE -516-558-0065

    Email:omaida@globaltax.info

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    Your Personal Accountant Wherever You Are. Se Habla Español

    Contact Person

    Name: Omaida Fishman

    200 Broad Hollow Road, suite 203,
    Melville, NY 11747

    Cell: 516-784-7227

    Fax: 516-679-1964

    Email:omaida@globaltax.info

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    IRAs: Frequently Asked Questions

    Table of Contents

    • When should I use a rollover to my IRA?
    • Is there a downside to an IRA rollover?

    When should I use a rollover to my IRA?

    That depends on your particular needs and circumstances. Here are some reasons you might want to roll over distributions to your IRA:

    1. You want to, or have to, take a distribution from your employer’s plan and want these funds to continue to grow tax-free in your own IRA.
    2. As a self-employed, you are terminating your Keogh plan or retiring from business and want to continue the tax shelter for these distributions.
    3. You are the beneficiary of a deceased person’s retirement plan and want to continue the tax shelter for these distributions in your own IRA.
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    Is there a downside to an IRA rollover?

    Here are some of the disadvantages of an IRA rollover:

    1. Rollovers from company or Keogh plans may take away your spouse’s right to share in plan assets.
    2. IRAs can’t claim the limited tax relief allowed on lump-sum distributions.

    Tip: To avoid tax hassles, rollovers should be done between the trustees of the plans involved. In other words, the check should not be made out to you personally, but to the trustee of the rollover account.

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    IRAs: Frequently Asked Questions
    • ← Developing a Financial Plan: Frequently Asked Questions
    • Traditional vs Roth IRAs: Frequently Asked Questions →
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    • Long Island Location
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    • NYC Location
      2200 Broad Hollow Road, suite 203
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    Contact Info

    Address: 200 Broad Hollow Road, suite 203
    Melville, NY 11747

    516-679-1964

    516-784-7227

    516-558-0065

    omaida@www.globaltax.info

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    • Home
    • About
    • Services
      • Services For Individuals
        • Personal Financial Planning
      • Business Services
        • Small Business Accounting
        • Payroll
        • Business Valuation
        • Succession Planning
        • New Business Formation
        • Internal Controls
      • Tax Services
        • Tax Preparation
        • Tax Planning
        • TAX PROBLEMS
          • IRS Audit Representation
          • Non-Filed Tax Returns
          • Back Taxes Owed
          • Payroll Tax Problems
          • IRS Liens
          • IRS Levies
          • IRS Wage Garnishment
          • IRS Seizures
          • Offer In Compromise
          • IRS Payment Plan
          • Innocent Spouse Relief
          • Get Your IRS File
      • QuickBooks Services
        • WHY QUICKBOOKS
        • QUICKBOOKS SETUP
        • QUICKBOOKS TRAINING
        • QUICKANSWERS
        • QuickBooks Tips
        • Buy QuickBooks and Save
    • Newsletter
      • Previous Newsletters
      • News & Weather
    • Financial Guides
      • Life Events
      • Business Strategies
      • Investment Strategies
      • Tax Strategies for Business Owners
      • Tax Strategies for Individuals
      • Frequently Asked Questions
    • Tax Center
      • Track Your Refund
      • Tax Due Dates
      • Tax Rates
      • IRS Tax Forms and Publications
      • Record Retention Guide
      • State Tax Forms
      • 1040 Tax Calculator
      • Marginal and Effective Tax Rates Calculator
    • Resources
      • Financial Calculators
      • News & Weather
      • SecureSend
      • Internet Links
      • Security Measures
      • Recommended Books
    • Client Portal
    • Contact