Are any special forms or documents required when transferring an IRA/SEP/SIMPLE to a Traditional IRA?

By Denise Appleby AAA
A:

Most firms require that you complete their account transfer request form, which they use to request the transfer of assets (to your receiving account) on your behalf. Other than this document and the paperwork used to establish the receiving account, there is no legal documentation required.



Keep in mind that the SIMPLE cannot be transferred to the Traditional IRA, unless it has been at least two years since the first contribution was deposited to the SIMPLE.



Question answered by Denise Appleby, CISP, CRC, CRPS, CRSP, APA



RELATED FAQS

  1. If there are two plans and one is terminated, creating a distributable event, can ...

    It depends. If the loan is in good standing - the participant did not default on the loan and the loan meets other statutory ...
  2. Is it easier to save for retirement if you start earlier in life? Can I make up for ...

    In general, the earlier you start saving for retirement, the easier it will be to afford, given the number of financial obligations ...
  3. Is my 403(b) account owned by me or by the institution?

    You are the owner of your 403(b). The financial institution just holds the assets on your behalf and facilitates your transactions.For ...
  4. Can I close my existing Roth IRA and invest in a new Roth IRA at a different financial ...

    If If you withdraw your Roth IRA contribution, the amount will be tax and penalty free. If your initial contribution accrued ...
RELATED TERMS
  1. Eligible Transfer

    An IRS-allowed movement of assets into or out of an individual ...
  2. Death Master File (DMF)

    Also known as Social Security Death Index. A list of people whose ...
  3. Leveraged Benefits

    The use – by a business owner or professional practitioner – ...
  4. Peri-Retirement

    A term for the period of time leading up to actual retirement. ...
  5. MyRA

    A new tax-advantaged retirement account that President Barack ...
  6. Provident Fund

    A compulsory, government-managed retirement savings scheme used ...
comments powered by Disqus
Related Articles
  1. The Defined-Contribution Plan: A Flawed ...
    Retirement

    The Defined-Contribution Plan: A Flawed ...

  2. 5 Ways To Fund Your Retirement
    Retirement

    5 Ways To Fund Your Retirement

  3. Should You Roll Over Your 401(k)?
    Retirement

    Should You Roll Over Your 401(k)?

  4. 3 Reasons To Use An Employer-Sponsored ...
    Retirement

    3 Reasons To Use An Employer-Sponsored ...

  5. Top 7 Estate Planning Mistakes
    Retirement

    Top 7 Estate Planning Mistakes

Trading Center