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LSDefine

Simple English definitions for legal terms

roll over

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A quick definition of roll over:

Roll over: When you roll over something, you are extending it. In the world of money, rollover means moving money from one retirement account to another or borrowing money to pay off old debts. This is usually tax-free and helps people manage their finances better.

A more thorough explanation:

Definition: Rollover refers to extending a financial agreement, such as transferring funds from one retirement account to another or borrowing under the same facility to repay existing debt that is coming due.

  • Retirement Accounts: Rollover often refers to transferring funds from one Individual Retirement Account (IRA) to another traditional IRA or Roth IRA, or from a qualified retirement plan into an IRA. This transfer is reported on an IRS Form 1099-R. Most retirement rollovers are tax-free events.
  • Corporate Loans: In the context of corporate loans, a rollover can refer to a loan under a revolving credit facility to repay a maturing loan under that facility. In other words, a rollover is borrowing under the same facility to repay existing debt that is coming due.

For example, if you have a 401(k) retirement account with your current employer and you leave that job, you may choose to roll over the funds from your 401(k) into an IRA with a different financial institution. This is a tax-free event and allows you to continue saving for retirement with more control over your investment choices.

In the context of corporate loans, a company may have a revolving credit facility with a bank that allows them to borrow up to a certain amount of money. If a loan under that facility is coming due, the company may choose to borrow under the same facility to repay the existing debt. This is known as a rollover.

These examples illustrate how rollover can be used in different financial contexts to extend agreements and manage debt or retirement savings.

Rogatory letters | Roth v. United States (1957)

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