IRA rollovers can be done "annually"--client has several IRAs wants to RO each to get higher return

Forum|Forum|3 years ago
February 5, 2023
3 replies
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J

jeffmcpa2010

Level 10

Is there a question here?

T

Terry53029

Intuit Community Champion

You already asked this question. See the answers for your earlier post

qbteachmt

Level 15

I didn't notice this: "wants to RO each to get higher return"

Yeah, that doesn't require a rollover. The return is the same no matter which Account it is in. The return comes from the investment in the account, not from the account. However, perhaps what they want is better investment options, or even a self-directed IRA.

Don't yell at us; we're volunteers

G

GretaAuthor

Level 7

Client has three Traditional IRAs invested in certificates of deposit at a low 2% interest rates in 3 banks. He wants to roll them all over into a single fixed account that pays 4.6% fixed rate. Can we aggregate the three accounts and call it a one-time rollover during the allowed 12 month period? There should be no bank penalty for cashing in the IRAs since he is elderly. That is, if the bank is unwilling to write a check payable to "Vanguard FBO client's name", which would be a clean direct rollover. (I've finally got the Details Box open so I can explain my question, sorry about all the previous threads.)

J

jeffmcpa2010

Level 10

Generally, (In my opinion,) the best way to do transfers is to go to the investment advisor who will end up with the accounts. Usually they can have the client sign paperwork, and have the investments transferred directly to them. Easier for the client, and let the person making their living from dealing with these accounts do the work.

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