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I had a question on moving an IRA account from a bank IRA to

a brokerage IRA. My uncle...
I had a question on moving an IRA account from a bank IRA to a brokerage IRA. My uncle went to his local bank and let them know he wanted to move his account. They issued him a check but it's thebfinancial institution name FBO his name with his IRA account number on it...would this qualify as a trustee transfer?
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Answered in 8 minutes by:
11/23/2017
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,190
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Is the check made out to the brokerage FBO his name with the new IRA account number?

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Customer reply replied 21 days ago
That's correct

So your uncle will be delivering the check to the brokerage without ever depositing it into his own personal account?

If so, it's a trustee to trustee transfer because he never has contact with the money.

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Customer reply replied 21 days ago
That's correct. They don't do electronic transfers so they issued him a check fbo and he's planning to mail it

The money is going from one institution directly to another.

My best advice would be for him to mail it certified mail, return receipt requested, or overnight it to the brokerage.

Please let me know if I can assist you further.

If I have answered your question, please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you.

bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,190
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Customer reply replied 21 days ago
Great so he did successfully down trusstee to trustee transfer?
Customer reply replied 21 days ago
Or at least is in the process

As long as it goes directly from one institution to another, it's a trustee to trustee transfer.

Thank you for the positive rating of my answer. It is very much appreciated.

Have a wonderful Thanksgiving!

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Customer reply replied 17 days ago
Hi Barbara, so I did a little homework this past Friday. So my uncle moved two IRA accounts. One he did do as a trustee to trustee transfer. The other it looks like he had the ira check payable to him and deposited it in 60 days. That's what he believes happens. I obviously can't call them to check since I am not on the account. Will he get anything come tax time next year toconfirm what he did? I just don't want something to come up 2-3 years down the line. Thanks
Customer reply replied 17 days ago
I know he can do one 60 day rollover a year. But figure paperwork wise you will get something different for that

He will get a 1099-R showing the distribution and will report it on his tax return as a rollover.

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bkb1956
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,190
4,190 Satisfied Customers
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.

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