Answer

A rollover (or rollover contribution) is a redeposit of assets that were withdrawn from a retirement account, such as an https://iradictionary.com/definitions/ira IRA, qualified plan, https://iradictionary.com/definitions/403bplan 403(b) account or a https://iradictionary.com/definitions/457plan 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, https://iradictionary.com/definitions/indirectrollover indirect rollovers and https://iradictionary.com/directrollover direct rollovers. The withdrawal for both types are reported on IRS https://iradictionary.com/definitions/1099rirsform Form 1099-R. If the receiving account is an IRA, the rollover is reported on IRS https://iradictionary.com/definitions/5498form Form 5498.

Question answered by http://deniseappleby.com/ Denise Appleby