72 y.o. client has requested a liquidation/transfer of his traditional IRA from his financial institution. He plans to re-deposit in a traditional IRA Savings account at his credit union as soon as it is received. In fact, the funds are being wired from the financial institution to the a savings account at the credit union. Funds will then be transferred into an IRA account established subsequent to receipt.
Since the client is older than the maximum age for a traditional IRA, will the above process result in a problem? That is, once the funds are distributed, can he then re-deposit the funds in a traditional IRA?
Comments appreciated.
Since the client is older than the maximum age for a traditional IRA, will the above process result in a problem? That is, once the funds are distributed, can he then re-deposit the funds in a traditional IRA?
Comments appreciated.
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