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How do I "rollover" funds from a previous employer plan to an IRA?

Direct rollovers avoid 20% withholding; indirect rollovers require 60-day redeposit.

There are two types of rollovers:

  • Direct Rollover — Retirement funds are moved directly from your previous employer plan to a traditional IRA, with no tax withholding required. This is the simplest and most straightforward option.
  • Indirect Rollover — Funds are distributed directly to you and must be deposited into an IRA within 60 days to avoid taxes. The payer is required to withhold 20% for taxes on indirect rollovers.

We recommend using a direct rollover to avoid tax withholding and timing risks. For full funding details, log in to your GBI Direct account and visit the Fund tab, or contact your IRA custodian directly for clarification. As always, please consult a tax advisor for guidance specific to your situation.