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What's a rollover contribution?

A rollover is a tax-free distribution of funds from a qualified plan or an IRA account with another trustee/custodian that you contribute to your Webull IRA account within 60 days of receiving the payment or distribution. The contribution to the Webull IRA account is called a “Rollover contribution.” We only accept cash for rollovers. Types of rollovers to a Webull Traditional IRA or Webull Rollover IRA include Traditional IRAs, Rollover IRAs, SEP IRAs,  SIMPLE IRAs, and eligible employer-sponsored retirement plans. Only Roth IRAs can be rolled into a Webull Roth IRA. You are permitted to roll over only one distribution from an IRA (Traditional, Rollover, SEP, Roth, or SIMPLE) in a 12-month period, regardless of the number of IRAs you own. A rollover generally must be completed within 60 days of receiving the assets. A rollover contribution of Roth IRA assets may not be made to a Traditional IRA, SIMPLE IRA, Coverdell ESA, or Qualified Retirement Plan. Rollovers must be reported to the IRS on Form 5498. 

Please check with your plan administrator or 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.  Please see the attached IRS rollover chart for reference.

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