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Direct Transfer (or Rollover) – The Best Way to Go!

I’m sure you’ve heard countless advisors mention that a direct transfer (or direct rollover) is the best way to move funds between IRAs or qualified retirement plans. But do you understand why? There are a number of reasons, and in this installment, we discuss some of those in greater depth. Background: Direct Transfer vs. 60-day Rollovers It is important to under the difference between a direct transfer (or direct rollover) and it’s alternative, a 60-day rollover (or indirect rollover). Direct Transfer – A direct transfer and a direct rollover have identical meanings. The only difference is the tax code uses the term “direct transfer” when discussing IRAs and “direct rollovers” when addressing qualified plans. In either event, we are talking about a distribution where the funds are payable to another tax-deferred account. They are not paid to the account holder. There are two ways to directly transfer/rollover IRA and qualified plan accounts: Read More

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