IRA TO IRA transfer

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coco1106
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Joined: Sun Jan 20, 2019 3:40 pm

IRA TO IRA transfer

Post by coco1106 » Thu Feb 28, 2019 2:39 pm

If I transfer my IRA to IRA at another brokerage firm, is this considered a trustee to trustee transfer, the assets are electronically sent to the new firm.
Would I receive a 1099r and 5498 ???
Since its not reportable I am not sure if they issue any paperwork for a transfer , it will be a IRA to IRA.
I am switching from Fidelty.

Many years ago I did a rollover of my 401k to IRA with fidelity , I did receive a 1099r and 5498 and it was reported on my 1040.
I did not receive check or anything, they just rolled over the entire amt in my 401k with in fidelity to a IRA.

I have never transferred assets from one firm to another, hoping it is a easy process, I have a IRA and Roth IRA, am I allowed to transfer both to a new firm?
I would like to transfer the ROTH to a ROTH at the new firm.

thanks for any input.

nelsona
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Re: IRA TO IRA transfer

Post by nelsona » Thu Feb 28, 2019 3:05 pm

who are you switching to?
Is this because of not being able to deal with you in Canada?
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nelsona
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Re: IRA TO IRA transfer

Post by nelsona » Thu Feb 28, 2019 3:06 pm

when you say the earlier transaction "was reported on your 1040", what do you mean. You ad a gross pension income of XXX and taxable income of zero? Or what
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coco1106
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Re: IRA TO IRA transfer

Post by coco1106 » Thu Feb 28, 2019 3:30 pm

Nelsona,

rolled over my 401k to IRA, Fidelity issued 1099r and 5498..I recall code G and my tax accountant wrote ROLLED over , zero tax.

Husband called RBC located in usa, they said they could manage our retirement accounts once we relocate to Onatrio, we will open up a bank acct with RBC canada when we move to ontario.

We are planning on transferring IRA,Roths to RBC(USA) hopefully this spring, we are meeting up with RBC to discuss our situation.

If all goes well, then once husband leaves his job he will rollover his 401k from Fidelty to IRA with RBC(usa)

I am hoping the transfer of IRA, ROTH is easy , I believe its non reportable and you can do as many as you wish.
However, you can only rollover 401k to IRA once per 12 months???

nelsona
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Re: IRA TO IRA transfer

Post by nelsona » Thu Feb 28, 2019 3:55 pm

RBC. Good to know.
Was this because Fidelity was bucking, or because you could not find reliable info from them?

Remember that IRA cannot be pension split in Canada, while 401(k) can. Too bad.
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coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: IRA TO IRA transfer

Post by coco1106 » Thu Feb 28, 2019 4:08 pm

Nelsona,

we just feel that Fidelity was not giving us any information really, it was not very clear what we could and could not do with them,

Husband felt RBC was more than willing to have us as customers. We have a meeting with them , hopefully that will be the way to move forward.
I have a seven figure Portfolio, RBC said they were more than happy to have my business.

BTW Nelsona, any info on transferring IRA to IRA ???

Thanks Nelsona

nelsona
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Re: IRA TO IRA transfer

Post by nelsona » Thu Feb 28, 2019 4:59 pm

No, what you said will happen, as it did last time you did it. No problem.
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coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: IRA TO IRA transfer

Post by coco1106 » Thu Feb 28, 2019 5:37 pm

Thank you Nelsona,

I try my best to research as much as I can, sometimes my questions seems really not necessary , but its nice to have feedback, I appreciate all the input.
I always tend to overthink every single situation regarding this move to Canada, I have a file folder full of notes, seems like one question will lead to another 10 questions !!

thanks again for all the excellent information and input.

coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: IRA TO IRA transfer

Post by coco1106 » Thu Feb 28, 2019 7:05 pm

when my husband leaves his job and starts the rollover process of the 401k into a IRA (via direct rollover )...do we still have to be USA residents to do the rollover ??
I am just thinking if everything is finalized with the move of our home and we are ready to move to Ontario full time but the rollover is still in process ? do we have to be full time US residents to do this rollover.
If we have to be state side until the rollover is complete is no biggie, I am just thinking ahead.

( hoping the IRA /roths will already be in the new firm this summer)

nelsona
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Re: IRA TO IRA transfer

Post by nelsona » Thu Feb 28, 2019 10:41 pm

RBC would need to answer that, but I think that the fact that you will have formed a relationship with them should make future transactions seamless.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: IRA TO IRA transfer

Post by coco1106 » Fri Mar 01, 2019 9:17 am

Thanks Nelsona,
I think forming a relationship with them will be really helpful moving forward.

thanks again, have a lovely weekend.

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