My wife transferred money from her school retirement plan to a traditional IRA. Are we correct to assume that is considered a rollover and not a contribution, which has different tax deduction implications?
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1 Best answer
MaryK4
Expert Alumni
Apr 16, 2022 2:55:50 PM
Yes, moving money from one retirement account to another is a rollover, not an additional contribution for the year.
1 Replies
MaryK4
Expert Alumni
Apr 16, 2022 2:55:50 PM
Yes, moving money from one retirement account to another is a rollover, not an additional contribution for the year.