What is a rollover contribution?

A rollover is a tax-free distribution of funds from a qualified plan or an IRA account with another trustee or custodian, which you then contribute to your Webull IRA account within 60 days of receiving the payment or distribution. Here’s what you need to know:

1. Rollover Contribution:

• The contribution you make to your Webull IRA account from another qualified plan or IRA is known as a “Rollover contribution.”
• Webull only accepts cash for rollover contributions.

2. Types of Eligible Rollovers:

• To a Webull Traditional IRA or Webull Rollover IRA: You can roll over funds from Traditional IRAs, Rollover IRAs, SEP IRAs, SIMPLE IRAs, and eligible employer-sponsored retirement plans.
• To a Webull Roth IRA: Only funds from another Roth IRA can be rolled over.

3. Limitations on Rollovers:

• You are permitted to roll over only one distribution from an IRA (Traditional, Rollover, SEP, Roth, or SIMPLE) within a 12-month period, regardless of how many IRAs you own.
• The rollover generally must be completed within 60 days of receiving the assets.

4. Restrictions:

• A rollover contribution of Roth IRA assets cannot be made to a Traditional IRA, SIMPLE IRA, Coverdell ESA, or Qualified Retirement Plan.
• Rollovers must be reported to the IRS on Form 5498.

5. Important Considerations:

• Always check with your plan administrator or consult a trusted tax professional to ensure you are completing an eligible rollover.
• Webull cannot correct or alter any ineligible rollovers once the deposit has been made.

For further guidance, refer to the IRS rollover chart here.