Consolidating multiple iras

Many people have one or more "old" 401(k)s from jobs they've left.

"The correction can be accomplished by simply adding the name of the decedent to the registration." She said examples of acceptable registrations, by IRS standards, include the following: "IRA FBO Tom Smith as beneficiary of John Smith" and "IRA FBO Tom Smith (Dec'd); John Smith (bene)." Distributions from inherited IRAs are not subject to the 10% early distribution penalty, regardless of the age of the beneficiary at the time the distribution occurs, Appleby said.

Unfortunately, you can't do this with inherited IRAs.

"There is no 60-day rollover rule for inherited IRAs," Picker said.

Or 2) if the IRA owner dies on or after the required beginning date, the beneficiary can distribute the assets over the longer of the remaining life expectancy of the decedent or the life expectancy of the beneficiary." "However, not all IRA agreements allow these options," said Appleby.

In fact, Appleby said some firms might force you to take a distribution within one year of the original owner's death.

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But 401(k) plan owners have several options if they want more control of their retirement fund.

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