Can A Roth IRA be transferred from one financial institution to another without penalties or taxes?

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Can A Roth IRA be transferred from one financial institution to another without penalties or taxes?

investor

Yes. If you do fully transfer you account in the same type.
Open the account with the new insitution, if you have not yet. Tell them about your plans to transfer an existing Roth IRA - it might be important for them in the process of opeing and qualifying your account.
Tell them to transfer yor old account. They will most likel provide you with a form specifically for that type of transaction.

hager36

As long as the Roth IRA is going from same name to same name and the other receiving account in a ROTH. If it is transferred into a traditional IRA, you will be double taxing the money in essence because you already paid taxes on the holdings in the Roth. It also works the same way for a Roth 401k roll over that is being transferred to a holding institution, you want it to go into a Roth IRA.

misty b

yes

Common Sense

As long as it's done correctly. Best way; institution to institution.

barfly

Yes.

R_burke

As long as the transaction is institute to institute you'll be OK. If you are in the middle you will have to pay taxes.

i.e. if institute A sends you a check and you want to deposit in institute B, you will pay taxes

If institute A sends a check to institute B, then no taxes

dianneem@sbcglobal.net

Yes, but th institution has to do it for you. They have a form and you will need the info of the institution it is going to.

slicehog64

Depends on the institution but there are no federal penalties.

psoeffing

ABSOLUTELY!!!
Contact the financial institution where you want the Roth IRA to be transferred TO and they will provide you with the appropriate paperwork to request the direct transfer.

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