News & Press
“If it’s a big enough issue, you should speak to a qualified tax preparer and seek professional advice on your personal situation,” Ed Slott, CPA and founder of IRAhelp.com, told FOX Business. “While you may be able to find some answers on your own by researching online, you can’t guarantee it’s accurate or applies to your unique situation.”
Make a direct transfer from the institution holding one account to the company where the money is going, says IRA expert Ed Slott. Ask the firm on the receiving end for help; any checks should not be made out directly to you. “That can become a tax trap,” he warns.