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How can I roll over my retirement account to Wealthfront if my other institution doesn’t support electronic transfers?

If your other institution can’t transfer your account through the industry-standard automated transfer process (ACATS), you can still roll over your account by completing a 60-day rollover.

To complete a 60-day rollover:

  1. Request a distribution from your other institution to your bank account.
  2. Once your funds are in your bank account, fund your Wealthfront IRA within 60 days. To move the cash from your bank to Wealthfront, log in to Wealthfront, go to the transfer page and select your bank, then choose "Rollover Contribution.”

We do not calculate the 60-day period – that’s up to you and your tax advisor. When you complete the transfer to your bank from your other institution, you will receive a 1099-R from your other institution showing the distribution, and we’ll send you an offsetting 5498 tax form.  This transaction would need to be reported on your taxes but there should not be any other tax consequences as long as the funds are returned to a matching IRA type on time, and you do not do another one of these transactions in a rolling 12-month period. Please consult a tax advisor for additional information regarding your situation. If you are looking to transfer multiple accounts in this way please consult your tax advisor first.

For more information, please review this IRS link on the rollover process:

https://www.irs.gov/retirement-plans/ira-one-rollover-per-year-rule

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