Downey Savings - Deposit Accounts

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	Rollover IRA
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A Rollover IRA accepts "qualified plan distributions" (from a 401(k) plan, for example), and the funds keep their tax-deferred earnings status. This is a good option if you expect to receive a qualified plan distribution due to a job change or retirement.

There is no limit to the amount you can rollover.

With a "direct rollover", you can rollover your 401(k) plan distributions and 403(b) annuity funds without the otherwise mandatory 20% withholding the IRS requires employers to assess if funds are distributed directly to an employee in the employee's name.

Your rollover may create a "conduit" IRA plan, which will let you move your funds from the rollover IRA back to a qualified plan such as a 401(k) if your employer's plan allows this.

You can make rollover deposits to this plan if you are over age 70 ½; however you may not roll any amounts that represent a mandatory payment.

If funds are withdrawn prematurely, they may be subject to income tax, if the owner is under age 59½, and a 10% premature distribution penalty. CD early withdrawal penalties may also apply.

Downey Savings does not provide legal, accounting or tax advice. Please consult with a qualified attorney, financial advisor, or tax advisor to understand how this information may apply to your own personal or business situation.

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