Husband has a Tax Deferred Annuity Retirement Plan that was funded by previous employer. He wasn't there long so it is small, ~$8,000.
I am trying to clean up the number of accounts to make management of the portfolio easier. Does he have any options to move this money out of this account? I have read a few articles but I have gotten confused since we really do not have much information on this account (not sure if it is variable or what). I know that annunities are not recommended, so I am not up to speed on them. The article below states that we may be able to roll over into a traditional IRA, but then we would be blocked from the backdoor roth? Or have to roll into tIRA and then pay tax when going to Roth?
Are we just stuck with this account? We would even consider donating it if that is an option... thanks in advance!
https://www.thebalance.com/how-to-surrender-or-exchange-your-variable-annuity-2389026
I am trying to clean up the number of accounts to make management of the portfolio easier. Does he have any options to move this money out of this account? I have read a few articles but I have gotten confused since we really do not have much information on this account (not sure if it is variable or what). I know that annunities are not recommended, so I am not up to speed on them. The article below states that we may be able to roll over into a traditional IRA, but then we would be blocked from the backdoor roth? Or have to roll into tIRA and then pay tax when going to Roth?
Are we just stuck with this account? We would even consider donating it if that is an option... thanks in advance!
https://www.thebalance.com/how-to-surrender-or-exchange-your-variable-annuity-2389026
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