I know Rollovers are irrevocable from a QP to an IRA. I just can't find where it says so. I've searched my sources i can find secondary sources (Appleby's article on Investopedia) but can't find a primary source. I know its out there.
Please help.
Thanks
Full Version: Irrevocable Rollovers
What do you mean by irrevocable? What aspect of the process are you thinking is irrevocable? Please expand your thought.
Money from QP can be rolled over to an IRA and can be rolled back to a QP. So without further explanation, I don't know what you're thinking of.
Have you tried reading about rollovers in IRS publications 575 and 590?
http://www.irs.gov/pub/irs-pdf/p575.pdf
http://www.irs.gov/pub/irs-pdf/p590.pdf
Money from QP can be rolled over to an IRA and can be rolled back to a QP. So without further explanation, I don't know what you're thinking of.
Have you tried reading about rollovers in IRS publications 575 and 590?
http://www.irs.gov/pub/irs-pdf/p575.pdf
http://www.irs.gov/pub/irs-pdf/p590.pdf
QUOTE (masteff @ Jun 13 2007, 06:38 PM) 
What do you mean by irrevocable? What aspect of the process are you thinking is irrevocable? Please expand your thought.
Money from QP can be rolled over to an IRA and can be rolled back to a QP. So without further explanation, I don't know what you're thinking of.
Have you tried reading about rollovers in IRS publications 575 and 590?
http://www.irs.gov/pub/irs-pdf/p575.pdf
http://www.irs.gov/pub/irs-pdf/p590.pdf
Money from QP can be rolled over to an IRA and can be rolled back to a QP. So without further explanation, I don't know what you're thinking of.
Have you tried reading about rollovers in IRS publications 575 and 590?
http://www.irs.gov/pub/irs-pdf/p575.pdf
http://www.irs.gov/pub/irs-pdf/p590.pdf
Masteff,
By irrevocable we mean you can’t say ‘Oops, I change my mind. Reverse the rollover and make it like it never happened.”.
This does not preclude a subsequent distribution and rollover of those same amounts- providing the amount is rollover eligible.
Jevd,
The rollover certification that the IRA owner is required to sign usually includes irrevocable language. See also Treas. Reg. 1.402©-2, Q&A 13
The rollover certification that the IRA owner is required to sign usually includes irrevocable language. See also Treas. Reg. 1.402©-2, Q&A 13
QUOTE (Appleby @ Jun 14 2007, 09:19 AM)
Masteff,
By irrevocable we mean you can’t say ‘Oops, I change my mind. Reverse the rollover and make it like it never happened.”.
This does not preclude a subsequent distribution and rollover of those same amounts- providing the amount is rollover eligible.
By irrevocable we mean you can’t say ‘Oops, I change my mind. Reverse the rollover and make it like it never happened.”.
This does not preclude a subsequent distribution and rollover of those same amounts- providing the amount is rollover eligible.
I'm with you now... once it's in the plan, it's in the plan and subject to the plans rules. Been there, had to explain that.
Thanks All.
Out yesterday so couldn't respond. Spent the day with an electrician.
BTW never buy a house with aluminum wiring. They were built during Vietnam war period. 65-75 or so. All outlets and switches need to be "Pigtailed" at a cost of about $25 per.
OINK!!!
PS: Sorry about the wrong forum. I thought i was in the general area when I posted.
Out yesterday so couldn't respond. Spent the day with an electrician.
BTW never buy a house with aluminum wiring. They were built during Vietnam war period. 65-75 or so. All outlets and switches need to be "Pigtailed" at a cost of about $25 per.
OINK!!!
PS: Sorry about the wrong forum. I thought i was in the general area when I posted.
QUOTE (masteff @ Jun 14 2007, 10:42 AM)
QUOTE (Appleby @ Jun 14 2007, 09:19 AM)
Masteff,
By irrevocable we mean you can’t say ‘Oops, I change my mind. Reverse the rollover and make it like it never happened.”.
This does not preclude a subsequent distribution and rollover of those same amounts- providing the amount is rollover eligible.
I'm with you now... once it's in the plan, it's in the plan and subject to the plans rules. Been there, had to explain that.
Right - now if the person rolled it into an IRA that had no other "nonrollover" IRA assets in it (often called a "conduit IRA"), many QP would allow the individual to roll the amounts back into the QP, but they'd be redesignated as "rollover contributions," not employer contributions or salary deferrals..
QUOTE (taxesquire @ Jun 18 2007, 08:26 AM)
but they'd be redesignated as "rollover contributions," not employer contributions or salary deferrals..
And that's the catch to the irrevocable thing. It can't go back to its former nature. If the money left and came back to the same plan, it could be subject to different rules. This can be important in the area of withdrawals (for example: hardships apply to deferrals, not rollovers).
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