An IRA Transfer is when the same type of retirement plan is moved from one firm to another. For example, moving your Traditional IRA from Oak Bank to another Traditional IRA to Maple Bank.
An IRA Rollover is when retirement funds are moved from a firm or out of an employer-sponsored plan (such as a 401(k)) to a new type of plan or administrator. In a rollover, a distribution is requested to fund your account.
IRA Contributions can be made to fund an IRA account by making regular cash contributions each year. This option requires the account holder to be under 70.5 years of age with earned income. You need to follow the IRS contribution limits.