Can You Rollover a Traditional IRA Into Another Retirement Account?
If you have a traditional IRA, you may be wondering if you can roll it over into another retirement account. The answer is yes, you can rollover a traditional IRA into another retirement account, but there are some things you need to know first.
When you rollover a traditional IRA into another retirement account, you are essentially withdrawing the money from your traditional IRA and then redepositing it into the other account within 60 days. This is called a rollover.
There are two types of rollovers: direct and indirect. A direct rollover is when the money is transferred directly from one account to the other. An indirect rollover is when you receive a check from the first account and then deposit it into the second account.
The most important thing to remember is that you can only do one rollover per year. So, if you rollover your traditional IRA into another retirement account and then decide you want to rollover that account into a third account, you will not be able to do so until the following year.
Another thing to keep in mind is that there may be taxes and penalties associated with rolling over your traditional IRA. Be sure to talk to a tax professional before you make any decisions.
In summary, you can rollover a traditional IRA into another retirement account, but there are some things you need to know first. Be sure to talk to a tax professional to avoid any penalties or taxes.
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