Instructions

Determine whether you will request a rollover or a trustee-to-trustee transfer. If you choose a rollover transfer, the old account holder will write you a check for the full amount of the account. Any securities held in the account will have to be liquidated before a rollover. Once you receive the check, you will have 60 days to deposit the funds into a new retirement account before incurring serious tax penalties. Trustee-to-trustee transfers move the contents of one account directly into another one with no time penalties or requirements to liquidate securities.

Continue to make contributions to the new retirement account. If you transferred or rolled over a retirement of one type into another, it will be governed by the contribution rules for the new type. The IRS mandates that you conduct only one retirement account trustee-to-trustee or rollover transfer every year.

References

Resources

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