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Will Direct Transfer of IRA Incur Penalties?
Answer by Randy Carey, BOL Guru
Guru Bios
Question: Regarding Traditional IRAs, if the owner is 30 years old and wishes to do a Direct Transfer from one institution to another will he incur penalties?
Answer: This is more commonly referred to as a "direct rollover". There are no tax penalties assessed on these types of transfers. You can refer to Publication 590 under "Rollovers" on page 19
First published on BankersOnline.com 10/30/06
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