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TRANSFERS

A transfer is the process of moving IRA funds or Coverdell Education Savings Account (CESA) funds from one financial organization to another without the IRA or CESA owner having direct control or custody of the funds. In most cases, a transfer is the best method for moving assets from one IRA or CESA to another.

  • Transfers do not require any IRS reportingTransfers are not taxable to the IRA or CESA owner because the check is not made payable to the owner. Instead, it is made payable to the receiving institution as custodian for the IRA owner

- Traditional IRA to Traditional IRA

- Roth IRA to Roth IRA

- Coverdell Education Savings Account (CESA) to Coverdell Education Savings Account (CESA)

  • Required minimum distributions for IRA holders age 70 ½ or older must be withdrawn prior to transfer
  • The number of transfers an IRA or CESA holder may conduct during a year is unlimited

Generally, transfers are the easiest and most efficient way of moving your IRA or CESA funds, with no taxable consequences to you. Consult your tax advisor.  If you are interested in transferring IRA or CESA funds to your First Bank IRA or CESA, please see a Financial Service Representative at your local First Bank Branch.



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