Quote:
Originally Posted by Tidybuoy
I'm pretty sure that the original bank can transfer to the new bank. This will be considered a "rollover" IRA and to avoid any penalties on your end, the sending bank must make out payment to the new IRA.
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This is what I thought was usually the case but when they said "Just have them cut a check and bring it in for deposit" my Spidey senses tingled.
I had always heard the minute the money was physically in your possession it was taxable and no turning back. Apparently an Old Wives Tale. Probably comes from "lunchroom/water cooler" investing advice.
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Last edited by craigster59; 02-03-2026 at 01:03 PM..
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