What is IRA Rollover ? How it Helps Savings Tax

Let us first understand the need for rollover of retirement plans. When you withdraw from   retirement plan ,you are liable to be taxed on the amount of withdrawal .You may also be subject to additional tax unless you’re eligible for one of the exceptions to the 10% additional tax on early distributions. So how do you prevent taxation of lumpsum payment from retirement plans as your actual retirement is away for some years.You  transfer the amount  to another retirement plan. In other words , when rollover the lumpsum to another IRA account , your tax-deferred status of your retirement assets remains same

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