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Ira Rollover

An IRA rollover is a term used to describe the process of moving an IRA investment from one business account to another. For example, if an individual has an IRA retirement plan, he or she may wish to move it from one investment firm or bank to another. To do this, an IRA rollover process is used. This keeps the funds out of the hands of the IRA owner. If the owner were to withdraw the funds from the IRA in order to deposit them into another account, this could trigger a penalty tax. The tax would be levied if specific steps were not taken during the process, including a maximum time that the funds are allowed to be out of the IRA structure.

Fast Facts

  • The SEC limits IRA fees to be no more than two percent of your adjusted gross income within the IRA.
  • Each year, investors have until the following year's tax due date (usually April 15) to contribute to the previous year's IRA.

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