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Retirement tax questions
Generally, there are no tax implications if you complete a direct rollover and the assets go directly from your employer-sponsored plan into a Rollover or Traditional IRA via a trustee-to-trustee transfer.
Revisit the 1099-R interview in TurboTax and double check that you did not roll it over to a Roth IRA.
Note-
However, there is a IRA one-rollover-per-year rule which you should be aware of.
You can transfer a rollover IRA to another traditional IRA but you can't do it immediately. Federal IRA rules say that once you roll over assets from account A to account B, you cannot transfer the money from account B for another 12 months.
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‎April 30, 2021
8:26 AM