American IRA CEO, Jim Hitt
Do not get sucked in to the idea that you can continually execute rollover after rollover
ASHEVILLE, N.C. (PRWEB) April 13, 2019
It’s common for investors to believe that there is only one IRA rollover once per year for every account. But a recent post at American IRA shows that this is not necessarily the case. According to the post, “The fact is that Self-Directed IRA owners can only execute one IRA rollover per year per taxpayer.”
That means that an individual taxpayer—or an individual investor, in this context—only has the ability to handle one single rollover in a year, even across multiple accounts. Even if an investor has multiple IRAs, the limit still applies to the aggregate of the individual’s IRAs, which includes everything from Self-Directed SEP IRAs to Self-Directed SIMPLE IRAs, as well as both Traditional and Roth IRAs. When it comes to rollover rules, these are essentially treated as one single opportunity per year, which discourages individual investors from continually rolling over accounts and taking advantage of the retirement tax protection system.
“Do not get sucked in to the idea that you can continually execute rollover after rollover,” said Jim Hitt, CEO of American IRA. “This post helps demonstrate that the IRS will not let you have any take-backs. You have to be sure that your rollover is the best thing for you and the best thing for your portfolio before you pull the trigger on it. Do not make any assumptions about how many rollovers you can execute in a given year if you are not sure.”
The posts notes that even investors who withdraw funds from an IRA or a Self-Directed IRA with the intent to roll the funds over to another IRA may learn that they cannot do so because they have already executed their rollover for the year, which means that they may then face a taxable distribution of the entire IRA!
For more information on rollovers and the Self-Directed IRA, visit American IRA at http://www.AmericanIRA.com or call 866-7500-IRA.
"About:
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC."
