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Q. I am leaving a company and taking my 401K proceeds. How much time do I
have to deposit them in an IRA before they are taxed as income?
A. You have 60 days to roll over your distribution if the money was given to
you. The best way to do this is to have the company administrator write a check to the
IRA ROLLOVER account directly, this makes sure that nothing is withheld in taxes, and
is much cleaner. Keep in mind that you can do only one rollover per year, but there is
no limit on the number of
trustee-to-trustee transfers in a year.
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I’m ready to get started with an IRA,