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Here’s how to safely navigate the 60-day rollover rule, what to watch out for and the penalties for running afoul of the rule.
If you’re conducting a rollover, you have 60 days from the date you receive your retirement plan distribution to get it deposited into a qualified account. Otherwise, it will be a taxable event.
You can transfer your funds either through a direct rollover or an indirect rollover. An indirect rollover requires you to cash out your 401 (k) and deposit the funds into your IRA within 60 days.
To hold off on paying taxes right away, you can choose to roll over your 401 (k) to a traditional IRA within 60 days of distribution. But you won’t be able to avoid taxes forever and will pay ...
However, penalties loom for transfers that take longer than 60 days. The timing of a 401 (k) rollover […] The post How Long a 401 (k) Rollover Takes appeared first on SmartReads by SmartAsset.
A roll over to an IRA involves transferring funds from the 401 (k) to an IRA, which typically offers a wider range of investment options than a 401 (k). A checklist could be useful for evaluating ...
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