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<<I _think_ a rollover is when you go from an employer retirement plan account such as a 401k and move that money to a regular IRA.>>

Actually the IRS calls it a rollover if you take possession of money from one IRA and put it in another IRA. If you have it transferred directly to another IRA it is not called a rollover.

Yes, transfers can be made at any time without any penalties.

If take possession of the money, you have 60 days do a rollover. However, the IRS requires that 20% be withheld as tax. And if you only rollover 80% of the money, you will be hit for taxes and penalties on the 20% that you didn't rollover. Bottom line is to do a direct transfer and avoid problems.

Regards, Jim
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