You may move IRA assets from an IRA or qualified plan through a transfer or a rollover. A direct transfer of cash or assets from an IRA to new IBKR IRA account is generally tax-free and does not constitute a rollover. A direct transfer of cash or assets from a qualified plan is always a rollover. A rollover is a tax-free distribution of cash or assets from an IRA or qualified plan that you contribute to a new IBKR IRA account within a 60 day period to complete the rollover transaction. While the rules for rollovers and transfers differ, they accomplish similar objectives. Both rollovers and transfers facilitate the tax-free movement of IRA monies from one trustee or custodian to another.
One kind of IRA rollover involves moving monies from an existing IRA account to another IRA account, and another requires a distribution from a qualified pension, profit-sharing, or 403(b) tax-sheltered annuity plan. In either case, you have 60 days in which to complete the rollover. One IRA rollover per 12 calendar months is permitted.