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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 ...
Since you can rollover funds from one account to the same type of account, the 60-day rollover rule allows you to borrow funds from your IRA without penalty and interest-free. While many 401(k ...
So, even if you have a day job with a 401(k), you can contribute to a SEP-IRA when you have self-employment income. ... You can roll over your SEP-IRA to a traditional IRA tax-free. But you must ...
Because the distributions are not rollover-eligible, however, taxes are not required to be withheld at the time of distribution, and may thus be postponed until the individual files a Federal income tax return for the year. Any amount withdrawn above the minimum required amount will be eligible for rollover within 60 days of the distribution.
This involves initiating an indirect rollover from one retirement account to another. But there’s just one … Continue reading → The post Retirement Plans: 60-Day Rollover Rules appeared ...
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.