IRA Rollover

Solutions to fit your changing needs

At some point in your career or for retirement strategy, it may be necessary for you to "move" some of your assets into one IRA. A Rollover IRA allows you to move cash or other assets from one retirement plan into another. Your "rollover contribution" is generally tax-free until the plan distributes that amount to your beneficiary.

Features:

Two types of rollovers can be made to a Traditional IRA within 60 days* from receipt of your distribution. You may:

  • Rollover funds from one Traditional IRA to another
  • Rollover receipts from an employer's qualified employee retirement plan into a Traditional IRA

*Funds rolled after the 60-day time period are considered taxable distributions and may incur early distribution penalties.

Rollover restrictions: You may make a rollover contribution only once during a one-year time period based on the date of the received IRA distribution.

Partial rollovers: You may rollover part of a Traditional IRA and keep the remainder, knowing funds will be taxable and may be subject to a premature distribution tax of 10%.

Other options include:

  • Keeping your funds in the plan you currently have...generally an option if you have $5,000 or more in the account and are happy with the administration and returns of the plan
  • Take the distribution now. A word of caution...penalties and taxes may be assessed

You cannot deduct a rollover contribution, but reporting of the distribution on your tax return is necessary. A written explanation will be given to you by the plan making the distribution.


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