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The 60-day rollover rule is one of the many traps that lie in wait for investors rolling over a retirement account such as a 401(k) or IRA. You have to follow the rules exactly, or you could end ...
The minimum withdrawal age for a traditional 401 (k) is technically 59½. That’s the age that unlocks penalty-free withdrawals. You can withdraw money from your 401 (k) before 59½, but it’s ...
A 401(k) rollover is when you direct the transfer of the money in your 401(k) plan to a new 401(k) plan or IRA. The IRS gives you 60 days from the date you receive an IRA or retirement plan ...
Rollovers after a distribution to the participant must generally be accomplished within 60 days of the distribution. If the 60-day limit is not met, the rollover will be disallowed and the distribution will be taxed as ordinary income and the 10% penalty will apply, if applicable. The same rules and restrictions apply to rollovers from plans to ...
Keep in mind the 60-day rollover rule for indirect rollovers. Any amount not deposited into a new retirement account within 60 days is considered taxable income and should be reported on line 4b.
This is an overview of rules based on Internal Revenue Code Section 401(a)(9). The rules are detailed at Treas. Regs. 1.401(a)(9)-1 to -9 and 1.408-8. The nonspouse rollover rules were passed in Section 829 of the Pension Protection Act of 2006 and interpreted by IRS Notice 2007-7, 2007-5 IRB 1. Notes
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