IRA Rollover

Usually when you are working for a company, you have a 401k, a SIMPLE IRA, or any other retirement plan. When you leave your job, your ex-employer will either:

1. let you keep your retirement plan or 401k where it is for a certain period of time
2. cut you a check for the amount in your retirement plan account or 401k
3. provide a way for you to IRA rollover the employer retirement plan to your own Individual Retirement Account (IRA)

What is an IRA Rollover?

When you open a retirement plan account yourself (not through your employer retirement plan or 401k), you are opening an Individual Retirement Account or IRA for short. Usually,  you cannot open a 401k by yourself without associating the retirement plan with a business. When you move your employer retirement plan account or 401k into an IRA, you are opening an IRA rollover account.

Click here to read about Rollover IRA

Click here to read about IRA Rollover and ERISA

IRA Rollover Contributions

Total Rollover IRA Contributions

Nothing in excess of eligible distribution total.

Deductible Rollover IRA Contributions

Rollover IRA contributions are not deductible. However, amounts distributed from a qualified retirement plan that are properly rolled over to a Traditional IRA are excluded from income until withdrawn from the IRA.

Deductible IRA Rollover Contribution for Non Active Plan Participant Spouse

Rollover IRA contributions are not deductible. However, amounts distributed from a qualified retirement plan that are properly rolled over to a Traditional IRA are excluded from income until withdrawn from the IRA.

Click here to read about 401k, 403b, and other employer retirement plan rules

Non deductible IRA Rollover Contributions

Not applicable.

IRA Rollover Contribution Deadline

60 days after receipt of distribution, no extensions.

IRA Rollover Contribution Minimum

Same as Traditional and Roth IRA.