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Direct rollover |
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Direct rollover Movement of tax-deferred retirement plan money from one qualified plan or custodian to another. No immediate tax liabilities or penalties are incurred, but there is an IRS reporting requirement. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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However, in the case of a direct rollover from one Roth 401 (k) plan to another, the five-year period of participation for the receiving plan would begin on the first day of the employee's tax year for which he or she made designated Roth contributions to the transferring or receiving plan, whichever is earlier. The taxpayers stated that although there was a direct rollover from Ray's IRA into Charlotte's, she made no additional contributions to the account and never redesignated it as her own. The direct rollover may not be particularly effective as a short-term strategy for those who itemize their deductions, since the value of their deductions is already taken into account when they file their taxes. |
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