The name "rollover IRA" was attached to these types of IRAs to distinguish them from traditional IRAs, into which contributions were made out of earned income rather than through a rollover. More Like This How to Contribute to a Rollover IRA How to Borrow From SEP IRAs IRA Transfer and Rollover Rules You May Also Like Can You Rollover Stocks to an IRA? When you leave your job, you need to decide what to do with the money in your 401k
However, the fact that you are covered by a 401k plan or other retirement plan at work can affect the income ceiling below which tax deductible contributions are allowed. 401k Plans The 401k plan is a defined contribution salary deferral program for the purpose of allowing workers to accumulate money, pre-tax, for their own retirements
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