What are the rules regarding rollover contributions to an IRA?
You may make a rollover contribution to your IRA provided that you make an irrevocable election to do so at any time but only if your rollover contribution consists solely of a distribution of taxable amounts from a Retirement Plan or IRA. Only IRA accounts that are treated similarly for tax purposes can be rolled over to another like account. For example: Traditional can be rolled to Traditional, SIMPLE (after 2 years) can be rolled to a Traditional without penalty, SEP can be rolled to Traditional, and Roth can be rolled to Roth. • The rollover is completed no later than 60 days after you receive the distribution • The rollover consists only of cash or property (of a nature and form acceptable to the Trustee) received in the distribution or the cash proceeds of the sale of property received from a Retirement Plan other than an IRA • The rollover does not include any Required Minimum Distribution Amount • The rollover comes from an IRA which no distribution received by you from the sa
