What is an IRA transfer?
A transfer occurs when you authorize your current IRA custodian/trustee to transfer assets from your existing account to your Forge Trust IRA. You may only transfer cash and acceptable assets to your Forge Trust Co. account.
Am I required to transfer my entire account?
No, you may transfer only the amount required for the alternative asset investment, plus an additional $200 to cover transaction processing fees and the required minimum cash balance of $500.
Please refer to the latest fee schedule for more detail.
What does it mean to transfer assets in-kind?
An “in-kind” transfer is one in which your current custodian will transfer your asset(s) “as-is” without the need for you to liquidate and re-purchase the asset(s). Forge Trust will charge a re-registration fee for each asset transferred in-kind.
Please refer to our Transfer Authorization form for more details on transfers in-kind.
Do transferred funds have to go into the same type of IRA account?
- Funds from a Traditional account can be transferred to an existing or new Traditional, SEP or a SIMPLE IRA if certain conditions are met.*
- Funds from a Roth account must be transferred into an existing or new Roth account, and cannot be transferred into any other type of account.
- Funds from a SIMPLE account can only be transferred into a Traditional, SEP or SIMPLE IRA if certain conditions are met.*
- Funds from a SEP account can be transferred into a SEP, Traditional or a SIMPLE IRA if certain conditions are met.*
* The IRS refers to “IRA transfers” as “rollovers”. Traditional, SEP and Simple IRA funds may be “rolled over” to a Roth IRA but amounts rolled over will be treated as income. Please consult with your tax advisor before authorizing this type of rollover/transfer.
You can review the IRS Rollover Chart to determine rollover/transfer options for other types of employer-sponsored retirement plans.
What is the difference between a Transfer and a Rollover?
Direct Rollover: If you’re getting a distribution from a retirement plan, you can ask your plan administrator to make the payment directly to another retirement plan or to an IRA. Contact your plan administrator for instructions. The administrator may issue your distribution in the form of a check made payable to your new account. No taxes will be withheld from your transfer amount.
Trustee to Trustee Transfer: If you’re getting a distribution from an IRA, you can ask the financial institution holding your IRA to make the payment directly from your IRA to another IRA or to a retirement plan. No taxes will be withheld from your transfer amount.
60-day Rollover: If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution.
Beginning after January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.
The one-per year limit does not apply to:
- rollovers from traditional IRAs to Roth IRAs (conversions)
- trustee-to-trustee transfers to another IRA
- IRA-to-plan rollovers
- plan-to-IRA rollovers
- plan-to-plan rollovers