Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the difference between a rollover and a transfer?

April 26, 2017difference rollover transfer

0

Posted

What is the difference between a rollover and a transfer?

1 Answer

0

Posted

Rollover is moving money from one IRA to another IRA of the same type, or between a qualified retirement plan to a Traditional IRA. A rollover is a reportable transaction. There is no dollar limits, funds must be re-deposited within 60 days, and limited to one rollover per year from one IRA to another. A direct transfer is the movement of funds between one IRA to another IRA. The member does not have actual receipt of the funds. Transfers are non-reportable transactions. There is no dollar limits, and unlimited number of transfers per year.