Let Us Simplify Your 403b Rollover to Roth IRA (individual Retirement Account)
Let Us Simplify Your 403b Rollover to Roth IRA (individual Retirement Account)Author: Gordon Hall When it comes to a 403b rollover to IRA conversion, there are some things that you need to know, now, before you complete the transaction. These things apply whether you are considering a 403b rollover to Roth IRA, 401K or a traditional account. Sometimes, it gets a little complicated. Let me try to help you simplify it. The terms roll-over and transfer are often used interchangeably, yet they are completely different transactions that create different scenarios and the possibility of incurring taxes.
Transfers are made between financial institutions and are not reported to the IRS, but roll-overs are reported and you act as a middle man in the transaction. If you decide to make a 403b rollover to IRA conversion, the plan administrator must liquidate the holding within the account and issue a check in your name. Administrators may be required to withhold 20% or more for federal taxes. With a transfer instead of a 403b rollover to Roth IRA, you will still be required to pay taxes, because of the difference in how Roth accounts are funded. 403bs and 401ks are funded with pre-tax funds. People who transfer these funds incur taxes, because of that.
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