Rollover IRA

Designed to receive retirement funds from a qualified plan (ex. 401(k)s) or another IRA account or used to transfer funds from one IRA custodian to another (ex. from Schwab to Fidelity). Once the taxpayer/account owner has the funds from the account they are transferring, they generally have 60 days to place these funds into a rollover account. If it is rolled over after the 60-day mark, it is subject to income tax.