Clay changes jobs in 2014 and decides to roll his $50,000 retirement plan balance from his old employer's plan into an IRA. He instructs the trustee of the retirement plan to transfer the money directly to the IRA he has chosen.

What are the tax consequences of the transfer to Clay? Explain.

Question

Clay changes jobs in 2014 and decides to roll his $50,000 retirement plan balance from his old employer's plan into an IRA. He instructs the trustee of the retirement plan to transfer the money directly to the IRA he has chosen.
​
What are the tax consequences of the transfer to Clay? Explain.

Quizplus · Accepted Answer

The Answer of Clay changes jobs in 2014 and decides to roll his $50,000 retirement plan balance from his old employer's plan into an IRA. He instructs the trustee of the retirement plan to transfer the money directly to the IRA he has chosen.
​
What are the tax consequences of the transfer to Clay? Explain.

Clay Changes Jobs in 2014 and Decides to Roll His