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Frequently Asked Tax Questions

Individual Retirement Arrangements (IRAs) - Rollovers - Individual Retirement Arrangements (IRAs)


Rev. date: 1/2010


How long do I have to roll over a distribution from a retirement plan to an IRA account?

previous topic occurrence Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (Info Copy Only) next topic occurrence
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previous topic occurrence Lump-sum Distribution next topic occurrence
previous topic occurrence Penalty, Early Distributions from IRAs and Plans next topic occurrence
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You must complete the rollover by the 60th day following the day on which you receive the distribution. For information on distributions which qualify for rollover treatment, refer to Tax Topic 413, Rollovers from Retirement Plans. For information on the Direct Rollover Option, refer to Chapter 1 of Publication 590, Individual Retirement Arrangements (IRA's).  To qualify for an automatic waiver or to obtain a waiver of the 60 day rollover requirement see " Retirement Plans FAQs relating to Waivers of the 60-Day Rollover Requirement.

Rev. date: 1/2010


If I can't withdraw funds penalty free from my 401(k) plan to purchase my first home, can I roll it over into an IRA and then withdraw that money to use as my down payment?

previous topic occurrence Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (Info Copy Only) next topic occurrence
previous topic occurrence Individual Retirement Arrangement next topic occurrence
previous topic occurrence Lump-sum Distribution next topic occurrence
P5329
previous topic occurrence Penalty, Early Distributions from IRAs and Plans next topic occurrence
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previous topic occurrence Qualified Plan next topic occurrence
previous topic occurrence Retirement Plan next topic occurrence

You can roll funds from a 401(k) to an IRA to be able to take a penalty free distribution to purchase your first home if:
Your plan administrator is required to notify you before making a distribution from your 401(k) plan whether that distribution is eligible to be rolled over into an IRA. To see if you qualify for a distribution to be used as a first-time homebuyer, refer to Chapter 1 of
Publication 590, Individual Retirement Arrangements (IRAs).