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How to Transfer an IRA From Another Institution

To make it easier to manage your retirement savings, consider transferring your IRAs from other institutions into one IRA. Here's how it's done:

Step 1 – Choose an IRA

Step 2 — Transfer cash and/or assets from your other financial institution

There are two ways to transfer your funds:

Trustee-to-Trustee Transfer — You can transfer cash and in many cases, you can transfer your existing investments directly into your new account.
  • Moving assets from one financial institution to another without liquidating (selling) the investments is called a "transfer-in-kind." In most cases, your existing investments (for example, stocks or mutual funds), can be transferred-in-kind to your new account.
  • In some cases, your assets may need to be liquidated before they can be transferred. A Wells Fargo retirement professional can help review your situation and assist in the account transfer process.
  • There are no taxes or IRS reporting for this method.
  • You can make an unlimited number of trustee-to-trustee direct transfers per year.
60-day IRA-to-IRA rollover — Have a check made out directly to you with no tax withheld.
  • You will have 60 calendar days to deposit the check into your new IRA to avoid taxes and penalties.
  • Rollovers must be completed no later than the 60th day after the day you receive the distribution.
  • Keep in mind that this 60-day IRA-to-IRA rollover is reported to the IRS and is only allowed once every 365 days. This limitation applies to you, the IRA owner, on an aggregate basis for all Traditional, Roth, SEP and SIMPLE IRAs that you have under your social security number. The 365 day time limit begins the day you receive the IRA distribution.
  • This is a tax reportable event.  Any amount not rolled over in 60-days will be taxed and you may also owe the 10% additional tax for early or pre-59 1/2 distributions.

Step 3 — Decide how to invest your funds

Once the funds are deposited into your new IRA, you can allocate (or reallocate) the funds within your account.

  • Choose the investments that make the most sense for your unique goals and situation.
  • Contact us for help creating an investment allocation tailored to your needs.

We are here to help you transfer your IRA. To get started, contact a Wells Fargo retirement professional today.

We’re here to help

Call us 1-877-493-4727

Take the first steps

Our retirement tools and calculators can help you get started, understand your choices, and take small, manageable steps toward your retirement goals.