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Rollovers generally refer to different types of IRA transfers which include the following:
- Moving Funds from a qualified plan such as your company's 401(k) into a traditional IRA
- Converting your traditional IRA to a Roth IRA
- Rolling over a retirement distribution as a surviving spouse - Spousal Rollover
- Rolling over a distribution received under a divorce proceed - Divorce Rollover
When receiving a lump sum distribution, the funds have to be deposited within 60 days otherwise it is treated a part of your taxable income. It is best to avoid personally handling the assets because of the 20% tax withholding requirement. Have the retirement money transferred directly to the institution handling your rollover IRA.
Learn more about strategies to attain your financial goals, such as Retirement Solutions, IRAs, Changing Jobs (Rollovers), College Savings, 529 Plans, Financial Guidance, and Estate Tax Planning.
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