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  Tuesday November 21, 2017

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ROLLOVER RULES
Learn even more about this topic with the Encyclopedia of Personal Finance™

A rollover is the moving of any investment from its current custodian to another. A Roth IRA must meet the following requirements to keep its tax-deferred status:

? The account may be rolled over only once per year.

? The funds must be placed into the new IRA within 60 days.

? The opening balance of the new account must be equal to the amount of money received from the previous IRA. If it is less, penalty taxes will be applied.

A traditional IRA may be rolled over to a Roth as long as the individual?s adjusted gross income is $100,000 or less. Any amount that had not been taxed while in the traditional IRA will be taxed when it is rolled over to the Roth IRA.

Now let's review what we've learned about Roth IRAs.




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