What is a Rollover IRA? - Definition, Rules & Sample

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

When do people typically establish rollover IRAs?

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1. What is a rollover IRA?

2. In October, Harry retired. In November, the company cut Harry a check for $100,000 from his retirement plan. What amount must the company withhold in federal income tax?

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About This Quiz & Worksheet

This quiz and worksheet can help you assess your knowledge of rollover IRAs. Topics you will be quizzed on include the definition of a rollover IRA and its characteristics.

Quiz & Worksheet Goals

Use this worksheet and quiz to review:

  • Rollover that has 20% mandatory federal tax withholding
  • The delivering custodian of the money that writes a check to the new custodian
  • Rollover IRAs
  • Party that establishes rollover IRAs

Skills Practiced

Use this worksheet and quiz to practice the following skills:

  • Information recall - access the knowledge you have gained regarding a rollover IRA
  • Knowledge application - use your knowledge to answer questions about who establishes rollover IRAs
  • Interpreting information - verify that you can read information regarding rollover IRAs and interpret it correctly

Additional Learning

To learn more about rollover Roth IRAs, review the lesson on What is a Rollover IRA? - Definition, Rules & Sample. This lesson will help you:

  • Define rollover IRA
  • Identify the party that establishes rollover IRAs
  • Compare and contrast indirect rollovers and direct rollovers
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