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Rollover IRA

This is nothing but IRA account similar to Traditional IRA and created when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it within 60 days to another eligible retirement plan.


Example: You have 401k account with previous employer. Typically you have choice to keep it as it is (as long as previous employer offers) or you can transfer that 401k account to a new account at broker which is called as Rollover IRA.

 

Additional Resources:

Official and detail information about Rollover IRAs can be found in this Rollover Chart.

 


 

 

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