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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76395  
Subject: Re: One Rollover Per Person Per Year Date: 4/5/2014 12:22 AM
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We were once handed a check to transfer on our own, told it was not a problem as long as we got it into another account within 60 days.

The transfer is tax free as long as you complete it within 60 days, but the usual problem with the check is the issuer usually deducts withholding tax.

You don't get the withholding back until tax time, but you must replace those funds in the transfer or the withholding amount becomes a penalty distribution.

That is why direct custodian to custodian transfers are usually preferred.
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