SIE Exam Question 207: Answer and Explanation

Question: 207

An individual who withdraws a lump sum from a qualified plan can avoid income taxes and penalties if the entire amount is rolled over into a traditional IRA within _______ days.

• A. 30 days
• B. 45 days
• C. 60 days
• D. 90 days

Correct Answer: C

Explanation:

An individual who withdraws a lump sum from a qualified plan can avoid income taxes and penalties if the entire amount is rolled over into a traditional IRA within 60 days.