Re: [RT] GEN: ANNUITY INTO IRA (ROTH)

[<jdfo@xxxxxxxxxxx>]

<BLOCKQUOTE 
>
  ----- Original Message ----- 
  <DIV 
  >From: 
  STEVE 
  ROBERTS 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="">realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Thursday, December 11, 2003 2:48 
  PM
  Subject: Re: [RT] GEN: ANNUITY INTO IRA 
  (ROTH)
  
  JohnO,You seem to know something about this. Great! Ihave 
  a couple annuities that I have very fewoptions with in a bear market. I 
  would like tomove them into my IRAs.I've had them both for 7 or 8 
  years. Will there beany form of penalties? Ans: No. You are 
  not liquidating the annuity, just transferring it, if this is what you intend 
  to do. If you intend to liquidate the annuity, and transfer the funds to your 
  IRA, there might be a penalty in the form of Surrender Charges. This depends 
  on the Annuity Agreement and it's stated Surrender Charges 
  Schedule. But remember, your IRA annual contributions are limited to 
  $3,000 ($6,000 if spousal), and unless the annuities are Qualified Plans,your 
  contributions must fall within the IRS 
  guidelines. 
   
  Is the 1035 exchange an IRS form? Ans: Yes, and these 
  forms can be obtained from the IRS.Can I have my IRA 
  broker make the transfer fromthe other two? 
  Ans: You will need to contact the 
  Annuity sponsor (the company that you purchased the annuity from) and 
  request the appropriate transfer documents. Your safest method would be to 
  effectuate the 1035 Exchange between the custodians. But, only if 
  the annuities are in a Qualified Plan. What 
  are the snags or downsides that I might notbe aware of? Hidden costs? 
  Ans: Don't know. Depends on many factors but any transfer or 
  rollover should not be expensive.THIS IS NOT MEANT TO BE 
  LEGAL ADVICE OR INVESTMENT ADVICE. THIS IS JUST MY PERSONAL OPINION. PLEASE 
  CONSULT AN ATTORNEY THAT SPECIALIZES IN THESE SUBJECTS OR A QUALIFIED 
  FINANCIAL ADVISOR/PLANNER.
   
  Thanks!!!SteveOn Wed, 10 Dec 2003 20:06:23 
  -0500,jdfo@xxxxxxxxxxx wrote:Yes, you can do this, but it must be 
  done within a 60 day window.  You should have done as 
  previouslysuggested, a 1035 exchange.JohnO  ----- 
  Original Message -----   From:   Randy   To: 
  Charles Meyer   Sent: Tuesday, December 09, 2003 9:59   
  AM  Subject: Re: [RT] GEN: ANNUITY INTO IRA   
  (ROTH)  Hello Charles,Friday, December 5, 2003, 3:56:28PM, 
    you wrote:CM> Group-CM> Does anyone know if itis 
    possible to roll a variable annuity over (aftermoney is taken 
  out and taxes   paid) into an IRA; which would probably be aRoth 
  IRA?CM> Thanks   for any feedback.CM> ChasCheck into 
  thepossibility of   doing a 1035 exchange.-- Best   
  regards,Randy                            
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