{"id":3066,"date":"2024-04-02T14:34:00","date_gmt":"2024-04-02T19:34:00","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3066"},"modified":"2024-05-17T14:46:20","modified_gmt":"2024-05-17T19:46:20","slug":"what-you-need-to-know-about-ira-rollovers","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/what-you-need-to-know-about-ira-rollovers\/","title":{"rendered":"What You Need to Know About IRA Rollovers"},"content":{"rendered":"
\n
\"\"<\/figure>\n<\/div>\n\n\n

Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill.<\/p>\n\n\n\n

THE 60-DAY RULE<\/h3>\n\n\n\n

Your rollover must be completed within 60 days of withdrawal, or it\u2019ll be taxable. You\u2019ll also get hit with a 10% early distribution penalty if you\u2019re under the age of 59 1\/2. If you miss the 60-day limit, you may qualify for a rule waiver. The late rollover must be due to one of the IRS specified reasons and completed within 30 days after the specific reason for failing to meet the 60-day requirement.<\/p>\n\n\n\n

THE ONE-ROLLOVER-EVERY-12-MONTHS RULE<\/h3>\n\n\n\n

This rule applies in aggregate to IRAs and Roth IRAs. If you have both types of IRAs, you are still limited to just one 60-day rollover in a IRS-month period. Additional rollovers can result in federal income tax and possible early withdrawal penalties. Some specific exceptions apply.<\/p>\n\n\n\n

THE SAME-PROPERTY RULE<\/h3>\n\n\n\n

If you received a cash distribution, cash must be deposited in the rollover IRA. Similarly, if you took your distribution in stocks, you must deposit the same stock shares in the rollover IRA.<\/p>\n\n\n\n

Talk to your tax professional.<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill. THE 60-DAY RULE Your rollover must be completed within 60 days of withdrawal, or it\u2019ll be taxable. You\u2019ll also get hit with a 10% early distribution penalty if you\u2019re under the age … <\/p>\n

Continue reading “What You Need to Know About IRA Rollovers”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[277,39],"tags":[],"class_list":["post-3066","post","type-post","status-publish","format-standard","hentry","category-ira","category-newletters"],"yoast_head":"\nWhat You Need to Know About IRA Rollovers - Conner Ash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.connerash.com\/blog\/what-you-need-to-know-about-ira-rollovers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Need to Know About IRA Rollovers - Conner Ash\" \/>\n<meta property=\"og:description\" content=\"Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill. THE 60-DAY RULE Your rollover must be completed within 60 days of withdrawal, or it\u2019ll be taxable. 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