swsop
07-20-2006, 10:20 PM
You may want to make a change regarding your IRA. If so,
keep this distinction in mind:
An IRA rollover occurs when you personally receive money
that had been in the account and subsequently deposit the
funds in a new account. Rollovers must be made within 60
days to maintain tax deferral and they can be made only
once every 12 months.
An IRA transfer occurs when you move your IRA directly
from one financial firm to another, without any individual
taking receipt of the money. Transfers are not affected by
the 60-day or 12-month rules that apply to rollovers.
Suppose you have an IRA at one brokerage firm, where you're
not happy with the service. You can transfer your IRA to
another firm at any time. If you're still not satisfied,
you can keep transferring your IRA until you find a reliable
custodian.
swsop
keep this distinction in mind:
An IRA rollover occurs when you personally receive money
that had been in the account and subsequently deposit the
funds in a new account. Rollovers must be made within 60
days to maintain tax deferral and they can be made only
once every 12 months.
An IRA transfer occurs when you move your IRA directly
from one financial firm to another, without any individual
taking receipt of the money. Transfers are not affected by
the 60-day or 12-month rules that apply to rollovers.
Suppose you have an IRA at one brokerage firm, where you're
not happy with the service. You can transfer your IRA to
another firm at any time. If you're still not satisfied,
you can keep transferring your IRA until you find a reliable
custodian.
swsop