That will be a Rollover. You have 60 days to put it back into a IRA. You will get a 1099R for it. If any tax withholding is taken out you will need to replace the withholding with other money when you put it in the new IRA. Or the withholding will become a taxable distribution and a 10% Early Withdrawal Penalty if you are under 59 1/2.
Thank you very much. But I worry that I am not transferring directly from one IRA to another IRA.
I am keeping the money in my regular checking account for 45 days. will it still be considered as a rollover?
Old IRA-> Regular checking account (45days)->New IRA
Yes you have 60 days to deposit it into a new IRA account or back into the old IRA. Do you need to use the money for 45 days for something? That would be like taking a short term loan. It's ok. Be sure you put it into a Traditional IRA. If you put it into a ROTH IRA that is a conversion and will be all taxable now.
At the end of the year you will get a 1099R for it. After you enter the 1099R it will ask what you did with it. You pick I moved the money to another account even if you put it back into the same account. Then that will expand and you pick I rolled over all this money. Then it will expand to enter how much you rolled over.
You can do this only once in a 12 month period. Your Congress found it to be annoying and put limits.