Skip to main content

What does it mean to transfer or rollover a myRA?

A direct transfer and a 60-day rollover are methods by which you can move your myRA balance to a private-sector Roth IRA. You can choose to transfer or roll over your account balance at any time during the life of your myRA.

Direct Transfer: This is a payment made from your myRA account directly to your new Roth IRA provider without the funds going to you first. The payment can be made either electronically or via a check made out to the financial institution that maintains your new account. You will need to contact your new Roth IRA provider to request this action. No taxes will be withheld on the amount you transfer.

60-Day Rollover: This is a payment from your myRA account that is paid directly to you. Then, within 60 days from receiving the funds, you deposit the full amount distributed from your myRA (the amount distributed to you plus any tax withholding) into your new Roth IRA. By completing a 60-day rollover, you can avoid adverse tax consequences on the distribution (ordinary income tax on earnings and a possible 10% additional tax). However, unless you elect out of federal tax withholding, federal tax withholding on earnings distributed from the Roth IRA distribution at a rate of 10% will apply. In some cases, this 60-day rollover deadline may be waived by the IRS. You can learn more about these rules at