An Individual Retirement Account (IRA) is a personal savings plan that offers certain tax advantages. An IRA rollover occurs when the assets in your current IRA are transferred to another IRA. The rules for rollovers are simple: you must complete the transfer within 60 days, and you can only roll over assets from one IRA to another once per year. There are two types of rollovers: direct and indirect. A direct rollover happens when the money is transferred directly from one IRA to another. An indirect rollover occurs when the money is first withdrawn from one IRA and then deposited into another. In most cases, you’ll have to pay taxes and penalties if you don’t complete your rollover within 60 days. However, in some cases, such as military deployment or disability, you may qualify for more time. If you do miss that deadline, though, there are ways to avoid being penalized and paying unnecessary taxes. In general, you won’t be able to directly roll over any portion of an inherited IRA.