IRA Transfer new account

[Joe Wood]

Good morning all,

Question regarding transferring IRA from one firm, to another.

Since the account is a traditional and subject to tax, just wanted to make sure I am able to transfer within 60 days in order to avoid tax.

Does it matter if I transfer into a new IRA account?

Reason being is the current firm I have my money invested in is being managed by a financial adviser, which makes shifting money around in the account extremely difficult. I'm looking to self manage the account, which requires me to transfer.

[Dmitriy Fomichenko]

@Joe Wood

If you deposit the funds into new IRA within 60 days the new IRA custodian will file form 5498, which will tell the IRS they received the funds. This form will offset the 1099-R you will receive from your old custodian reporting taxable distribution. You won't have to file any additional form, but when you do your taxes your have to explain to your CPA that you did a 60-day rollover, he'll know how to property mark it on your tax return.