How can I learn more about Rollover IRA Eligibility and Benefits?

Follow these guidelines for Rollover IRA Eligibility and Benefits:

Eligibility

  • Persons receiving a distribution eligible for rollover from a retirement plan
  • Governmental 457 plan assets can be rolled to an IRA 

Contribution Limits/Deadline

  • Any amount may be rolled over
  • Must be rolled into an IRA within 60 days of the distribution
  • Direct transfers are the preferred method of rollover 

Distribution Regulations

  • Minimum distributions begin at age 70 1/2
  • Distributions which avoid IRS withdrawal penalty:
  • Death or disability
  • First time home purchase ($10,000 maximum)
  • Qualified higher education expenses
  • Age 59 1/2
  • Medical expenses (in excess of 7.5% of AGI)
  • Health insurance if unemployed
  • Received as substantially equal periodic payments over owner's life expectancy (72(t))

Who May Invest

  • Persons receiving a lump sum distribution from a retirement plan 

Benefits

  • Earnings compound tax-deferred
  • Avoids taxes and penalties
  • Allows qualified withdrawals without penalty
  • Beneficiaries can "stretch" the required minimum distributions

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