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Initiating an IRA Rollover

Last Updated: Dec 12, 2017 03:14PM EST

Rollover:

Please consult your tax advisor and Plan Administrator if you are eligible to do a rollover. If you are, you must initiate the rollover with your Plan Administrator. A cash rollover can be done in two ways depending on how your Plan Administrator chooses to handle your request:

  • Indirect Rollover in which they will send a check made payable to you. In the case of an indirect rollover, please deposit the check into your personal bank account and write a check made payable to “IRA Services Trust Company”. Please submit a Deposit Form with your check. You may submit this form and the check with your account application, or after your account has been established.
  • Direct Rollover in which they will send a check directly to IRA Services Trust Company; please submit a Deposit Form once you have confirmed that your Plan Administrator will send a check directly to IRA Services Trust Company. You may submit this form with your account application, or after your account has been established.

You may also rollover funds from another IRA, however you will have to initiate the rollover process with your financial institution. If you choose to rollover IRA funds, please submit a Deposit Form with the rollover check. Please note: You are only allowed one IRA-to-IRA rollover in any 12-month period.

Important: Please note that if a rollover is executed, your Plan Administrator and/or financial institution will issue a Form 1099R that you must report in your tax filings. In order for the funds to remain tax-free, you must send in your rollover check to IRA Services within 60 days of issuance by your Plan Administrator and/or financial institution. We will provide you with a Form 5498 to offset the Form 1099R at the beginning of the year following our receipt of your rollover funds. The year-end statement you will receive from us is a substitute Form 5498 which you may submit with your Form 1099R. For more information on tax implications, please contact your tax advisor.

Timeline: Varies depending on how long it takes your Plan Administrator to issue your rollover check. Rollover checks may be held for 3-5 business days per our funds hold policy.

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