Posted by Al (Wi) on March 01, 2003 at 15:32:12:
I’ll get Mr. Hyre’s book and start the process you outlined.
Where to stash it? - Posted by Al (Wi)
Posted by Al (Wi) on March 01, 2003 at 09:58:15:
I’m 63, retired and have already converted my IRA into an annuity. I still have a 401K account. Since I don’t have an employer, how do I put the first “Lonnie Deal” that I do into a tax protected vehicle such as an IRA? A Roth IRA seems to be the best place to put it, but how do I get there from the position I’m in? Would the 401K work? Does it matter if I don’t own the lot?
Thanks everyone for your help, this is THE BEST real estate site going.
401(k) rollover to IRA - Posted by Diane (TX)
Posted by Diane (TX) on March 01, 2003 at 14:33:35:
Since you’re no longer with the employer where you established the 401(k), you can do a rollover from the 401(k) to a self-directed IRA. To get the IRA to be Roth IRA, you have to pay tax now to change the character from regular IRA to Roth IRA.
Call one of the self-directed IRA custodians and they can give you the details. Mid-Ohio and Entrust come to mind, or you could just do a search on “self-directed IRA.”
Annuity IN your IRA? - Posted by John Merchant
Posted by John Merchant on March 01, 2003 at 10:22:23:
Are you sure your annuity’s not in & owned by your IRA?
If not, I’d venture a guess that you’d have a legal action against the salesperson who sold you the annuity, for not advising you that it could have been purchased inside your IRA…which it surely could have been!