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Q: I’m retiring from my job soon, but I plan on getting another job. I have a pension and a 401(k), and I would like to know am I allowed to have a gap in time between having my 401(k) at my current job and moving it to another job? — J.R., OrlandoA:...

Leaving job but waiting to start another? Consider moving 401(k) funds into traditional IRA

Q: I’m retiring from my job soon, but I plan on getting another job. I have a pension and a 401(k), and I would like to know am I allowed to have a gap in time between having my 401(k) at my current job and moving it to another job? — J.R., OrlandoA:...

Leaving job but waiting to start another? Consider moving 401(k) funds into traditional IRA

Q: I’m retiring from my job soon, but I plan on getting another job. I have a pension and a 401(k), and I would like to know am I allowed to have a gap in time between having my 401(k) at my current job and moving it to another job? — J.R., Orlando

A: An option is to have your former employer do a direct transfer from your 401(k) to a traditional IRA if you aren’t starting your new job anytime soon and if you don’t want to leave your 401(k) at your former employer. The direct transfer will allow you to avoid the mandatory 20 percent tax withholding that your former employer must do when you close your 401(k). — Jerry Mitchell

Q: I am receiving income from a relative overseas who sold a piece of property.  Will I owe any income taxes on this distributions? — O.K., Leesburg

A: You would need to talk to a CPA familiar with international tax treaties on how this will be treated and whether you would need to report the income to the IRS. If you are required to pay taxes in the other country that might allow for a credit against any U.S. income taxes that may be required. — Chris Toadvine

Archive: Central Florida financial planners answer more questions »

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations. 

The National Assn. of Realtors said home sales rose 3.3% in January from December to a seasonally adjusted annual rate of 5.69 million. (Feb. 22, 2017)

The National Assn. of Realtors said home sales rose 3.3% in January from December to a seasonally adjusted annual rate of 5.69 million. (Feb. 22, 2017)

The National Assn. of Realtors said home sales rose 3.3% in January from December to a seasonally adjusted annual rate of 5.69 million. (Feb. 22, 2017)

The National Assn. of Realtors said home sales rose 3.3% in January from December to a seasonally adjusted annual rate of 5.69 million. (Feb. 22, 2017)

Uber has hired former U.S. Atty. Gen. Eric H. Holder Jr. to help investigate claims of sexual harassment and discrimination. (Feb. 21, 2017)

Uber has hired former U.S. Atty. Gen. Eric H. Holder Jr. to help investigate claims of sexual harassment and discrimination. (Feb. 21, 2017)

The bank that financed a mortgage at Fashion Square Mall will take over operation of the retail property on Thursday.

The bank that financed a mortgage at Fashion Square Mall will take over operation of the retail property on Thursday.

Mark Zuckerberg talked to the Associated Press and detailed his thoughts on Feb. 16 in a 5,800-word manifesto on his site. (Feb. 17, 2017)

Mark Zuckerberg talked to the Associated Press and detailed his thoughts on Feb. 16 in a 5,800-word manifesto on his site. (Feb. 17, 2017)

Matt Englett, an Orlando attorney who has been disciplined twice previously, has been suspended by the Florida Supreme Court for three months.

Matt Englett, an Orlando attorney who has been disciplined twice previously, has been suspended by the Florida Supreme Court for three months.

Our editors found this article on this site using Google and regenerated it for our readers.

Publish Date : 24 Şubat 2017 Cuma 05:25

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