Advanced Underwriting Consultants

Question of the Day – November 14

Ask the Experts!

The professionals at Advanced Underwriting Consultants (AUC) answer the tax and technical questions posed by producers.  Here’s the question of the day.

Question:  Is there a reliable source for information about the types of accounts that are eligible for rollover?

Answer:  Yes.  The IRS has such a chart on its website.  We have reproduced it below.

 

Roll To

Roth IRA

IRA

(Tra-ditional)

SIMPLE

IRA

SEP

IRA

457(b)

(Gov’t)

Qualified

Plan[1]

403(b)

(pre-tax)

Designated Roth Account

(401(k), 403(b), or 457(b))[2]

Roll

From

Roth IRA

Yes

No

No

No

No

No

No

No

IRA

Yes[3]

Yes

No

Yes

Yes4

Yes

Yes

No

SIMPLE

Yes3 (after two years)

Yes

(after

two

years)

Yes

Yes

(after

two

years)

Yes[4]

(after

two

years)

Yes

(after

two

years)

Yes

(after

two

years)

No

SEP

Yes3

Yes

No

Yes

Yes4

Yes

Yes

No

457(b)

(Gov’t)

Yes3

Yes

No

Yes

Yes

Yes

Yes

Yes3 [5],

After

12/31/10

Qualified

Plan1

Yes3

Yes

No

Yes

Yes4

Yes

Yes

Yes3 5,

After

12/31/10

403(b)

Yes3

Yes

No

Yes

Yes4

Yes

Yes

Yes3 5,

After

12/31/10

Designated

Roth

Account

Yes

No

No

No

No

No

No

Yes, if

 a direct trustee to trustee transfer

Have a question for the professionals at AUC?  Feel welcome to submit it by email.  We may post your question and the answer as the question of the day. 



[1] Qualified plans include, for example, profit-sharing, 401(k), money purchase, and defined benefit plans

[2] Governmental 457(b) plans, after December 31, 2010

[3] Must include in income

[4] Must have separate accounts

[5] Must be an in-plan rollover