Rollover Individual Retirement Account

Definition of "Rollover individual retirement account"

Peggy Wilkins real estate agent
Peggy Wilkins, Real Estate Agent Century 21 Gold Star Realty

Individual retirement account (IRA) established to receive distribution of assets from a qualified pension or retirement plan. For example, if employees resign from their jobs and receive a lump sum distribution of $75,000, they may roll it over into an IRA without paying taxes. Rollover IRAs are governed by the same tax rules as other IRAs. They provide a way to maintain the tax-deferred status of distributions from pensions or other qualified plans until an age specified by law, when withdrawals must begin.


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