I am going through a divorce and would like to settle assets with my husband. I would like to transfer money from my IRA to an IRA in his name. We would have a court order to do this. Would there be a penalty? I am 55.
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I am not an expert but transferring an IRA seems like a tall task. I think you would have to cash in your IRA (losing penalty money and tax withheld depending on whether its Roth or not). The institution where you have your IRA can answer pretty quickly, I believe. They would have to set up the transaction.
answered 4 months ago
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