21 June 2022 2:58

Transferring assets between Roth IRA accounts

Roth IRAs can be transferred to a new custodian tax- and penalty-free if you follow IRS rules. A direct transfer between two custodians—or financial institutions—is the safest way to move Roth IRA funds from one retirement account to another. A transfer must be deposited in the new account within 60 days.

How do you do a Roth conversion?

How to do a Roth IRA conversion

  1. Open a Roth IRA account. You’ll need to open a Roth IRA account at a financial institution. …
  2. Contact your plan administrators. Reach out to both the new and old financial institutions to see what they need to make the conversion to the new account. …
  3. Submit the required paperwork.

How much money can a parent gift a child in 2021?

$15,000

In 2021, you can give up to $15,000 to someone in a year and generally not have to deal with the IRS about it. In 2022, this increases to $16,000. If you give more than $15,000 in cash or assets (for example, stocks, land, a new car) in a year to any one person, you need to file a gift tax return.