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If you don’t know the rules of the game, it’s easy to get fouled out, and when it comes to IRA Rollovers, those fouls can cost you big money if you are not careful.  It’s inevitable, at some point or another we might ditch one provider, advisor or fund company for another.  Or we may leave one job for a new one or simply retire. If you are planning to, or have already initiated an IRA Rollover, watch out for these common mistakes, because one misstep can cost you dearly.So what is a Rollover IRA? A rollover IRA is a special type of IRA that is used to receive distributions from an employer sponsored qualified plan, such as 401k, 403b, defined benefit or profit sharing plans.The Rules60 day Rule:  Whether you’re rolling over a company retirement account or IRA assets, Mis Sold PPI you have a maximum of 60 days in which to complete the rollover to another IRA if the distribution is made directly to you, instead of the rollover IRA account.  Failure to complete the rollover in this time frame will result in taxes and possibly penalties.  Specifically, you must include the amount of the distribution as ordinary income on your taxes, and if you are younger than 59 ½ you also get sacked with a 10% penalty on the withdrawal.Any rollovers you make involving a traditional IRA must be reported on your tax return for the year the distribution is made.  Your financial institution will typically issue a 1099R documenting the distribution, and the receiving financial institution will issue a form 5498 documenting the receipt of the funds in the new account.