What are the rules for moving my other IRA to an IRA at the credit union?
With a direct transfer (where you tell the other financial institution to send the funds to the credit union for the benefit of your IRA), you have no deadlines or limitations as long as you’re under age 70½ and the money leaves and re-enters the same type of IRA. With a rollover (where the funds are payable to you), you have 60 days to redeposit the money into an IRA. The portion of a traditional IRA distribution that’s not re-deposited to an IRA when the clock runs out becomes taxable income, except to the extent it represents a return of nondeductible IRA contributions. Rollovers between the same IRA type are also subject to a “once-a-year-rule.” Simply put, you can’t roll over IRA funds if there was a previous rollover from the same IRA in the last 365 days. The rule also bans rollovers from an IRA that has received a rollover in the last 365 days. Keep in mind that if you are 70½ or older, you’re required to receive minimum distributions from your traditional IRA that do not quali
