IRA movement and consolidation
Hi. I’m 71 and my wife is 72. Our IRA cd s came due at our bank in oct. of 2022. The renewal rates were 1.5%. Not good. Another bank was offering 3.5%. So, we opened new IRA cd s at that bank. We took checks to other bank. Were we wrong to do that. We are worried sick that we didn’t follow IRS guidelines. Please help as soon as possible. Thank you
Terry Says
You’re OK as long as you redeposited the money into the IRA within 6 months. Especially if you just endorsed the check they gave you into the new IRA.
