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jeanavarc
Level 1
February 16, 2021
Question

rollover

  • February 16, 2021
  • 1 reply
  • 2 views

is buying an annuity using retirement distribution funds considered a rollover?

    1 reply

    N
    npierson777
    Level 10
    February 16, 2021

    It depends. A rollover is the transfer of money from one retirement plan to another. You have 60 days to deposit the funds into your new qualified account without penalty. Otherwise, it'll be treated as income. 

    If completed properly, an annuity rollover is not a taxable event since the money remains within a designated retirement plan.

    S
    Alumni - Champ
    SweetieJeanAlumni - Champ
    Alumni - Champ
    February 16, 2021

    Is it a qualified annuity (such as an IRA), or a non-qualified one?

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