Transfer of Assets
I would like to transfer the assets of a mutual fund directly to another mutual fund at a different company.
– Can this be done?
– If yes, can it be done without incurring taxes, similar to rolling over a 401(k) into an IRA?
Terry Says
If the money is OUTSIDE an IRA, then you’d have to sell the first fund and pay the taxes owed if there are any gains. Then you could take a check for the balance and invest it anywhere else.
If the money is INSIDE an IRA, then you should consult the new fund company to assist you in doing an IRA rollover. Also, if you are subject to required minimum distributions (RMDs) this year, you would have to take that first.
