Premiere Select IRA Recharacterization Request Form 2025

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Disadvantages of an IRA rollover Creditor protection risks. You may have credit and bankruptcy protections by leaving funds in a 401k as protection from creditors vary by state under IRA rules. Loan options are not available. Minimum distribution requirements. More fees. Tax rules on withdrawals.
IRASelect is an easy-to-use IRA Solution to help customers prepare for a financially secure retirement. BPAS partners with financial professionals to offer individuals a low-cost IRA solution, with a simplified account opening process.
If you recharacterized only part of the contribution, report the nondeductible traditional IRA portion of the remaining contribution, if any, on Form 8606, Part I. If you recharacterized the entire contribution, dont report the contribution on Form 8606.
Typically, the taxpayer would receive multiple Forms 1099-R recording the distributions for this situation. Complete a separate 1099 screen to record each Form 1099-R received. Generally, partial recharacterizations, do carry to Form 8606 to determine the taxable amounts.
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Premier IRA Money Market A variable IRA that allows you to make contributions in any amount up to the yearly maximum. The account requires a higher minimum balance and comes with higher interest rates. Traditional or Roth IRA options are available.
To recharacterize a regular IRA contribution, you tell the trustee of the financial institution holding your IRA to transfer the amount of the contribution plus earnings to a different type of IRA (either a Roth or traditional) in a trustee-to-trustee transfer or to a different type of IRA with the same trustee.

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