The maximum amount you can put aside annually for an IRA varies by the year in which your contributions are made, and is dependent upon your income and marital status. If you are turning 50 in the tax filing year, you can also benefit from additional catch-up contributions. IRA contributions must be made by your tax filing date.
Direct Transfers and Rollovers
Moving funds to an Hudson Valley IRA from another qualifying plan is simple and may be processed as a transfer or rollover. It is recommended that you consult with an Hudson Valley Financial Services Consultant
and/or your tax advisor to help decide which is best for you:
- Funds are sent direct from another IRA to Hudson Valley.
- Funds are distributed from a qualified retirement plan and deposited into a comparable IRA plan.
Funds are distributed directly to you and must be deposited into an IRA account within 60 days to avoid being taxed.
When establishing a new IRA plan you will designate your beneficiary and any additional shares under that plan will have the same beneficiary. If you wish to change your beneficiary on an existing plan, please complete the (IRA Designation of Beneficiary) form.