IRA RolloversA rollover is the withdrawal of funds from an IRA and the transfer of those funds into another IRA. The following requirements must be met so that the IRA may keep its tax deferral:
- The account may be rolled over only once per year.
- The funds must be placed into the new IRA within 60 days.
- If the amount transferred into the second IRA is less than the amount withdrawn from the first IRA, penalty taxes will be applied.