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YouTube video text script - Retirement Plan and IRA Rollovers

HI, I’M CECILIA… AND I WORK FOR THE INTERNAL REVENUE SERVICE.

DID YOU KNOW THAT YOU CAN MOVE FUNDS FROM YOUR INDIVIDUAL RETIREMENT ARRANGEMENT AND RETIREMENT PLAN TO ANOTHER I-R-A OR PLAN?

THERE ARE TWO WAYS.

YOU CAN HAVE THE FUNDS DIRECTLY TRANSFERRED FROM ONE ACCOUNT TO ANOTHER I-R-A ACCOUNT OR PLAN.

OR YOU CAN HAVE A CHECK SENT DIRECTLY TO YOU.

BUT IF YOU DO… YOU ONLY HAVE 60 DAYS TO DEPOSIT THE CHECK INTO THE OTHER I-R-A OR RETIREMENT PLAN.

IF YOU MISS THE DEADLINE… YOU MAY HAVE TO PAY TAX ON THE DISTRIBUTION.

AND YOU MAY HAVE TO PAY AN ADDITIONAL TEN PERCENT TAX ON EARLY DISTRIBUTIONS.

HOWEVER… IF YOU MISS THE 60-DAY DEADLINE BECAUSE OF CIRCUMSTANCES BEYOND YOUR CONTROL… SUCH AS AN ERROR MADE BY A FINANCIAL INSTITUTION… YOU COULD BE ELIGIBLE FOR A WAIVER.

YOU CAN EVEN USE OUR MODEL LETTER ON IRS-DOT-GOV TO SELF-CERTIFY THAT YOU’RE ELIGIBLE FOR A WAIVER.  

FOR MORE INFORMATION ON ROLLING OVER AN IRA OR RETIREMENT PLAN… GO TO I-R-S-DOT-GOV-SLASH-ROLLOVERS.

AND FOR INFORMATION ABOUT WAIVERS … SCROLL DOWN TO “F-A-Q’S RELATING TO WAIVERS OF THE 60-DAY ROLLOVER REQUIREMENT.”

Page Last Reviewed or Updated: 01-Feb-2017