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Learning, Sharing, and Teaching => Investor Alley => Topic started by: coco1106 on February 21, 2019, 08:43:51 AM

Title: IRA to IRA transfer to different firm
Post by: coco1106 on February 21, 2019, 08:43:51 AM

   Hi ,
This is probably a basic question but I just need some clarification.

  I have a small IRA  with vanguard $11k, I would like to do a direct transfer of this IRA to a new IRA with fidelity ( I have a roth and IRA with them at the moment, so I just want to keep all  my funds at the once firm)
Also I have a IRA with TD amertitrade $7k

I know when my 401K was Rolled over into a IRA when I quit work a few yrs ago, that involved a 1099r and 5498, since the funds were redistributed then put into the IRA...I did not touch the $$ it was all automated via fidelity.
I believe this type of transaction can only be done once a year.

Ok...if I transfer my vanguard IRA to a new fidelity IRA will they still issue the 1099r ?????I am transferring like to like, I was going to switch everything to a cash money market in vanguard and transfer that, then put invest the money when I am with fidelity.
 
Is transferring from one firm to another a easy process, like I said its just a IRA to IRA transfer , and we will switch to money market to make it a simple process....I hope !
Thanks for any clarification on this matter.

Title: Re: IRA to IRA transfer to different firm
Post by: robartsd on February 21, 2019, 08:55:47 AM

https://www.bankrate.com/taxes/moving-an-ira-to-another-bank/ (https://www.bankrate.com/taxes/moving-an-ira-to-another-bank/)

You can make as many IRA to IRA direct transfers as you like. Fidelity should be more than happy to help you move your IRA from Vanguard.

Title: Re: IRA to IRA transfer to different firm
Post by: coco1106 on February 21, 2019, 08:58:47 AM

  Hi, Thanks

I have the 2 IRAs,
husband has about 50k, he wants to transfer to Fidelity , I was just curious if they produce a 1099 r...not sure about all that