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Retirement tax questions
If you withdraw the money to your own bank account, you have 60 days to return it, or deposit it to another Roth IRA without any tax consequences. This is a rollover, but you can only do one such rollover per year. (If you do a direct electronic transfer between two plans, you can do that an unlimited number of times per year, but you can only do a rollover where the money passes through your hands once per year.)
If you keep the money, the tax consequences depend on whether the money is from contributions, a conversion, or earnings; and how old you are.
‎July 16, 2024
8:50 AM