You may want to move your IRA from one bank, mutual fund or brokerage firm to another bank, mutual fund or brokerage firm. The easiest way is to have the trustee of the old financial institution directly transfer your assets to the trustee of the new financial institution. This is not considered an IRA rollover because the assets were never received directly into your hands. This is considered a tax-free transfer. A "traditional" IRA has different rules from the non-traditional IRA which is known as a Roth IRA.
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IRA Rollover To Another IRA
IRA Rollover to a Retirement Plan
If instead of a direct transfer, you actually receive your IRA assets, you still may make a tax-free IRA rollover. You should tell the old financial institution not to withhold any federal income taxes on your IRA distribution, otherwise you won't have the entire distribution to rollover. To complete the tax-free rollover, you must deposit the entire distribution into the new IRA within 60 days of receipt. If you miss the 60 day deadline, your IRA may be subject to income tax and a possible 10% penalty.
Instead of rolling over your IRA assets into another IRA, you may be able to rollover your IRAassets into certain qualified retirement plans. Qualified retirement plans may, but are not required by the IRS to accept your rollover.
The amount you rollover into an IRA is not considered a regular yearly contribution that you deduct on your federal income tax return. You must contribute separate funds to qualify for an IRA contribution that is eligible for an income tax deduction.
Rollover Your IRA To A Different IRA
There may come a time when you want to move your traditional IRA assets from one financial institution to another traditional IRA at another financial institution.
