The Internal Revenue Service is starting to refocus its attention on taxpayers who make contribution or withdrawal errors on their IRAs. So, to hold on to more of your retirement savings and avoid IRS penalties, be sure to reach out to your tax advisor.
While we don’t offer tax advice, we suggest you keep the following tips in mind when contributing to or withdrawing from your own IRA:
1 The IRA contribution limit does not apply to rollover contributions.
2 Rollovers and transfers may be subject to differences in features, costs, and surrender charges. Indirect transfers may be subject to taxation and penalties. Consult your tax advisor.
The tax information contained herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. TIAA-CREF or its affiliates do not provide tax or legal advice. Taxpayers should seek advice based on their own particular circumstances from an independent tax or legal advisor.
The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., distribute securities products.
Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
There are benefits to an IRA rollover.