Here’s how to maximize your retirement savings when rolling an old 401(k) into an IRA.

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LEARN MORE ABOUT: IRA Accounts

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When it comes to managing your retirement funds, IRA rollovers are a great way to maximize your savings. However, there are certain rules that must be followed to ensure your rollover is done correctly. Here are three important rules to keep in mind when considering an IRA rollover:

1. Timing is Everything: If you want to rollover your IRA funds, you must do so within 60 days of receiving the distribution. If you wait longer than this, the IRS will consider it a taxable distribution and you will be responsible for paying taxes on the amount.

2. Avoid Double Dipping: When you do a rollover, you can only rollover the funds from one IRA to another. If you try to rollover funds from multiple IRAs, the IRS will consider it a taxable distribution.

3. Don’t Forget to Report: When you do a rollover, you must report it to the IRS. This means you must file Form 1099-R with the IRS to report the amount of the rollover.

Following these three rules will ensure that your IRA rollover is done correctly and help you maximize your retirement savings. Be sure to consult a financial advisor or tax professional if you have any questions or need assistance with your IRA rollover.