No. Direct rollovers have no mandatory withholding, unless you roll to a Roth IRA. You will be taxed later, when you withdraw the funds that were directly rolled over to a non-Roth IRA or other employer’s retirement plan.
FAQ
No. Direct rollovers have no mandatory withholding, unless you roll to a Roth IRA. You will be taxed later, when you withdraw the funds that were directly rolled over to a non-Roth IRA or other employer’s retirement plan.