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Individual Retirement Accounts

A rollover is a way to move money from one retirement plan to another without paying taxes or penalties. There are two ways to complete a rollover: directly and indirectly.

A Direct IRA Rollover moves your money directly from your former employer to your IRA - you never touch the money. This avoids tax withholding and usually gets your money into your new account faster.

With an Indirect IRA Rollover, the company you're leaving writes a check to you and you have 60 days to deposit the money with your new custodian. There are two major drawbacks to this approach:

• The company making the distribution must withhold 20% for federal income taxes. If you do things correctly, you'll eventually get it back when you file your tax return.

• To avoid taxes and penalties, you must deposit the entire amount of the distribution in your IRA - meaning you have to come up with additional money equal to the 20% that was withheld.

We can make it simple.

IRS information and requirements on rollovers
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