Ask Terry Questions 401K rollover limitations?

401K rollover limitations?

By Terry Savage on April 28, 2014 | Financial Planning / Retirement

I heard that you may only rollover 1 401K account per calendar year, or pay taxes on any additional.
I have 2 accounts tat I’m looking to rollover.
Is that true?

Terry Says:  No, this is an error.  You can do only one non-direct rollover each year –  That is the type of rollover where you take a check and then hve 60 days to redeposit the money in a new IRA.  But a lot of people are getting this confused with direct rollovers, where you may do as many as you like in one year, as long as the money goes directly from the  IRA or 40l(k) to another custodian, without you touching the money.

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