Sending a wire transfer from an IRA at another brokerage to your tastyworks IRA is the fastest way to transfer cash between IRAs. A wire transfer between IRAs is not a taxable event, but it is reported to the IRS. A wire transfer can only be done if you are transferring cash and not positions.
When initiating a wire transfer, please fill out an IRA Deposit Slip. The slip can be found in our forms and agreements page, or by clicking here. Please send completed forms to our accounts team at firstname.lastname@example.org.
Please be sure when completing an IRA Deposit Slip, the distribution code of the delivering firm aligns with the contribution code here as the receiving firm. In other words, the distribution matches the contribution type you are listing on your IRA Deposit Slip.
One thing to keep in mind when performing a transfer of cash by wire is to make sure your outgoing broker is coding
- The brokerage firm sending the wire transfer will send a form 1099-R to the IRS indicating that the funds were withdrawn from the account.
- The brokerage firm receiving the wire transfer will send a form 5498 to the IRS indicating that the funds were deposited in the account.
If you need to transfer positions/securities or if you want to avoid any tax forms, you can use an ACATS transfer. However, keep in mind that ACATS transfers can take 7-10 business days to complete. To learn more about an ACATS transfer, then please click here.