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March 3, 2009

What is a rollover contribution?

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What is a rollover contribution?

What is a rollover contribution?

A rollover (or rollover contribution) is a redeposit of assets that were withdrawn from a retirement account, such as an IRAqualified plan403(b) account or a 457(b) plan, to an eligible retirement account/plan. (See chart on page 1 for the plans between which rollovers can be completed.) There are two types of rollovers, namely,  indirect rollovers and direct rollovers.  Withdrawals representing both types of rollovers are reported on IRS Form 1099-R. If the receiving account is an IRA, the rollover is reported on IRS Form 5498.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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