72T IRA account | Ed Slott and Company, LLC

72T IRA account

Do you see a problem with me moving IRA holdings from IRA to another new IRA within my Fidelity Portfolio so that Fidelity can now manage those funds, my 72T program has been in that IRA for 2 years.

You can do a direct trustee transfer of the entire 72t IRA into a new IRA account and continue the plan. Tax reporting will be simpler if you complete the distributions for 2020 before doing the direct transfer.  That way you will only have one 1099R for each year. Just be sure the transfer goes into a new 0 balance IRA, and also get assurance that Fidelity understands that the new IRA is subject to a 72t plan.

Thank you!


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