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Retirement Planning - IRAs, 401(k)s, Rollovers > Retirement Place: The Best Place to Roll Over your 401k

How to Rollover an Existing IRA

 

 

  

How and When to Use a Direct Rollover to transfer your old 401(k) Roll Over Your Old 401(k)‎ How to Roll Over a 401k

Please Note: This page includes information regarding how to roll over your 401(k) into an IRA which will be held in a brokerage account only. If your account is currently or will be held with a mutual fund/investment company or you are an employer rolling over a group plan, please call us at 919-719-7200 for assistance.

     
 

Direct Rollovers Quick Tips:


Please note that this information is for general educational purposes only. You should consult with your tax and or legal adviser to determine how rollover regulations affect your unique situation. 

Generally, an investor changing jobs or leaving the workforce may utilize either a Direct Rollover election to continue their retirement savings outside of their employer-sponsored retirement plan. Assets distributed directly to your IRA from the retirement plan may qualify as a Direct Rollover.

 

What is a Direct Rollover?

The Direct Rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan, including an IRA. The contribution to the IRA is called a rollover contribution. The Direct Rollover method transfers the assets directly from the retirement plan (and not to the IRA owner) into the investor's IRA, avoiding the 20% mandatory IRS withholding. This option to transfer retirement assets has no age limitations.

 

Eligible retirement plans include:

Employer's qualified pension, profit -sharing, or stock bonus plan
Annuity plan
Tax-sheltered annuity plan (section 403(b) plan)
Governmental deferred compensation plan (section 457 plan)


Who do you contact first? 

Contact your retirement plan administrator or the human resources office for eligibility and requirements. The plan administrator is required to provide a reasonable direct method of asset transfer. Completion of an IRA Rollover Form provided by the administrator may be required, in some cases.  In other cases, the plan accepts an IRA Rollover Form supplied by your IRA's broker. Therefore, it is important to check with the plan administrator.

 

Initiating your Direct Rollover through Place Trade (for a brokerage account)

For those transfers that require a broker-supplied IRA Rollover Form, Place Trade provides a convenient IRA Rollover Form. We will forward the request to the plan administrator or broker for processing. Funds may be transferred by either wire transfer or check directly to our clearing firm. Please check with us prior to having a check made out by your former employer.

 

Before accepting an IRA rollover transaction into an IRA, we require that you review your eligibility for the rollover and certify your understanding of the rollover rules and conditions. The IRA Rollover Form includes the Rollover Form and an IRA Rollover Certification Form.

 

How to notify us of an IRA Rollover deposit of funds that will be deposited in your account: 

The Fund Transfers page within the Account Management lets you notify us of an IRA Rollover deposit of funds into your account. Select the Funding tab in the header link and choose Deposit Funds in the Transaction list. In the Method list, select Direct Rollover. Complete, sign, and return both forms to us via the address on the form. Please note that this deposit notification is required for funds to be deposited properly into your account. (Think of it like a deposit slip.)

Contact Client Services at 919-719-7200 with any additional questions or for assistance with the Direct Rollover process.

 

 

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this article was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

 

  
 
     
 

Rolling your 401(k) into a Roth? 

 

 

If you decide that you want to roll your old 401(k) into a Roth IRA, please review the following questions :
 

 

Do you have a Roth 401(k)?

If yes, then you may use a direct rollover to transfer your retirement account into a Roth IRA. (BTW, Roth IRAs can only be rolled over to another Roth IRA.)

If no, please see below:

 

 

Do you have a Traditional (tax-deferred) 401(k)?

If yes, then you must:

  1. use a direct rollover to roll the funds into a Traditional IRA, then
  2. open a Roth IRA and then
  3. complete a Traditional IRA to Roth IRA rollover for the funds that you wish to transfer to your Roth.

 

Please remember that you will owe taxes on the entire untaxed amount that you roll over (from your Traditional IRA [that you rolled over from your 401(k)] to your Roth IRA) and you should speak with your tax and/or legal advisor prior to making tax-related decisions.

 

  
     
 
 

 

If you are opening an online trading account for your 401(k) Rollover:

When transferring your old 401(k) plan from your previous employer to your rollover IRA at Place Trade, the process is different from simply rolling over an IRA (even if it had originally been in a 401(k) account. 

When you begin the new account application you will first choose an "Individual" account (on the first page). After you enter your basic information you will be asked to choose the type of IRA that you wish to open. It is important that you are careful to choose "Direct Rollover" under the Type of IRA account. (If you do not see it please give us a call and we will show you where it is. If you just skip and move forward you may have to start over so it is better to stop and give us a call.) 

 

  Give us a call today at 1-800-50-PLACE and review your options with one of our retirement specialists today!  

 

 

If you are working with a full-service financial advisor:

We will formulate a plan for your IRA rollover based on your account type. Place Trade will be by your side throughout the transfer, from helping you with the paperwork to navigating the obscure regulations and processes governing rollovers.

Regardless of the location, position, and type of IRA, you wish to transfer, our advisers possess the knowledge necessary to facilitate a smooth transition. We are here to help you throughout the process and answer any questions that you may have.

 

How to Rollover an Existing Traditional, Roth or SEP IRA into a Place Trade a brokerage account: Either under the funding section of the new account application or once your account has been approved you can easily roll over your existing retirement or brokerage account in Account Management. (Funding > Position Transfers > ACATs)

Retirement plan specialists are available to help you assess your options and determine which retirement planning strategy best fits your needs.

 

   

Call us today at 919-719-7200 or 800-50-PLACE for more information!

    

Changing Jobs? What to Do With an Old 401(k) 

 

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Make smart decisions with your old retirement plans today so that you can maximize your potential and get the most of your financial future!

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Rollover your old 401(k) to a Place Trade Self-Directed IRA or Speak with one of our Experienced Financial Consultants to get Advice on your options or help develop a new financial plan.


Please be sure to check with your tax and/or legal advisor prior to making any contributions, withdrawals or other changes to your retirement account. Place Trade Financial, Inc. does not offer tax or legal advice. Information provided by Place Trade is for educational purposes and should not be considered as tax or legal advice under any circumstances. How do you roll over a 401k? 401k rollover to IRA 

    

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