Ask Terry Questions transfer of retirement funds

transfer of retirement funds

By Terry Savage on March 14, 2024 | Financial Planning / Retirement

My husband retired at the end of 2022. He had his 401K and Roth IRA transferred from his company account at Empower Trust Co to our Amerprise account. We have received a 1099R for the gains in his Roth account. I thought when there is a transfer from 1 retirement account to another there is no tax liability. Is this not correct?

Terry Says

Transfer?? Or Rollover???
REad this article:

Did your new custodian handle this properly? If not, complain immediately. And they should reimburse you for any taxes incurred because of their mistake!!

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