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Originally Posted by craigster59
That's what I was thinking but apparently my Wife was told the transfer can be done by a check made out to her. As long as she deposits it into a "like account" no tax liability would be incurred which sounded fishy to me.
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From Google
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The 60-day retirement rollover rule allows individuals to move funds from a California retirement plan (like CalSTRS or CalPERS) to another qualified account within 60 days of receiving a distribution without incurring taxes or penalties. Failure to deposit the full amount within this 60-day window results in the distribution being treated as taxable income, potentially with a 10% early penalty if under age 59½
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I know this to be the case with Federal tax exposure but I wanted to check that CA didn't have a trap.