Can I roll over my workplace retirement plan account into an IRA?
Almost any type of plan distribution can be rolled over into an IRA except:
- Required minimum distributions
- Loans treated as a distribution
- Hardship distributions
- Distributions of excess contributions and related earnings
- A distribution that is one of a series of substantially equal payments
- Withdrawals electing out of automatic contribution arrangements
Is my IRA contribution deductible on my tax return?
If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.
For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
Roth IRA contributions aren’t deductible.
Can I roll over my IRA into my retirement plan at work?
You can roll over your IRA into a qualified retirement plan (for example, a 401(k) plan), assuming the retirement plan has language allowing it to accept this type of rollover. Roth IRAs can only be rolled over to another Roth IRA.
How do I convert my traditional IRA to a Roth IRA?
You can convert your traditional IRA to a Roth IRA by:
- Rollover – You receive a distribution from a traditional IRA and contribute it to a Roth IRA within 60 days after the distribution (the distribution check is payable to you);
- Trustee-to-trustee transfer – You tell the financial institution holding your traditional IRA assets to transfer an amount directly to the trustee of your Roth IRA at a different financial institution (the distributing trustee may achieve this by issuing you a check payable to the new trustee);
- Same trustee transfer – If your traditional and Roth IRAs are maintained at the same financial institution, you can tell the trustee to transfer an amount from your traditional IRA to your Roth IRA.
A conversion to a Roth IRA results in taxation of any untaxed amounts in the traditional IRA. Please use our Roth conversion calculator for examples of how this may affect your from a Tax standpoint.
How do I open an account with eIRA?
You have two options for completing the new account opening, funding and investment direction paperwork:
- Online and e-sign all documents, or
- Download paper versions and mail the documents to us
How do I check the status of the account opening?
If you supplied your email address, you will receive email notifications on the status of your account opening, funding or investment transactions. You may also contact us anytime during business hours to speak to one of our client service specialists.
What are your fees to open an account?
eIRA typically charges a one-time establishment fee to open an account. Depending on your account type and assets held, other fees may apply. Please see our standard fee schedule.
What investments can I hold in an account at eIRA?
Your eIRA account can manage virtually any mutual fund, stock, bond or other registered security traded on the open markets (NYSE and NASDAQ).
Does eIRA provide investment advice?
No, eIRA is an IRA Custodian and does not provide investment, tax or legal advice.
How do I request a distribution?
You may submit a request through our online distribution request form.
