Ally Bank Ira Transfer Form PDF Details

The Ally Bank IRA Transfer Form allows IRA owners to move an existing traditional IRA, Roth IRA, or SEP-IRA to Ally Bank through a direct custodian-to-custodian transfer. Unlike a 60-day indirect rollover, a direct transfer request keeps your retirement funds fully tax-free and exempt from mandatory withholding, since the assets never pass through your hands.

To complete the traditional IRA transfer, you will need to provide your current custodian's name and address, your existing IRA number, the IRA type, and the amount to transfer. You must specify whether you want a full IRA transfer or a partial transfer of a specific dollar amount. Your Ally Bank IRA number is also required on the request form.

Once you submit the transfer request to your current financial institution, they coordinate directly with Ally Bank. Processing typically takes 5 to 7 business days. There is no IRS limit on the number of direct IRA transfers you can make in a calendar year, unlike the once-per-year rule that applies to 60-day rollover distributions.

Common reasons to file a traditional IRA transfer request include consolidating multiple IRAs, converting a 401(k) rollover into an Ally Bank IRA, updating your investment custodian, or moving to a higher-yield Ally Bank IRA savings product. Direct transfer is almost always preferable to an indirect rollover because it eliminates the risk of tax withholding or missing the 60-day deadline.

For related retirement forms, see the Bank IRA Form, the HR Block IRA Form, or the Account Transfer Form.

Frequently Asked Questions

What is the difference between an IRA transfer and a rollover?

A direct IRA transfer moves your traditional IRA or Roth IRA funds straight between custodians without passing through your hands. No tax withholding applies, and there is no 60-day deadline. A rollover is different: the custodian sends the IRA distribution to you directly, and you must deposit it into a new IRA within 60 days to avoid taxes and penalties. Traditional IRA rollovers also trigger mandatory 20% federal tax withholding, so you must make up the withheld amount from other funds to avoid a taxable shortfall. For most IRA owners, the direct transfer using this form is simpler and fully tax-free. If you are rolling over a 401(k) distribution instead, see the Charles 401k Distribution Form for related retirement plan transfer documentation.

Can I transfer a Roth IRA to Ally Bank with this form?

Yes. This transfer request form supports traditional IRA, Roth IRA, SEP-IRA, and SIMPLE IRA transfers to Ally Bank. You select the IRA type on the form. Roth IRA transfers are tax-free since Roth contributions have already been taxed. No withholding applies to a direct Roth IRA transfer. The IRA transfer process and timeline are the same for both traditional IRA and Roth IRA.

How long does a traditional IRA transfer to Ally Bank take?

A typical traditional IRA transfer to Ally Bank takes 5 to 10 business days after your current custodian receives the transfer request. Some custodians take up to 3 weeks for in-kind IRA transfers involving specific securities or mutual funds. Call your current custodian to confirm they received the IRA transfer request and to get an estimated completion date.

Do I owe taxes when I transfer my IRA to Ally Bank?

No. A direct custodian-to-custodian IRA transfer is not a taxable event. Traditional IRA funds transferred directly to Ally Bank remain tax-deferred. Roth IRA funds stay tax-free. No tax withholding is required, and the IRS does not issue a Form 1099-R for a direct IRA transfer. You will not report the transfer on your tax return as income. If you need an IRA distribution form rather than a transfer, see the AXA Distribution Form for IRA distribution documentation.

Is there an annual limit on IRA transfers to Ally Bank?

Direct IRA-to-IRA transfers are not subject to the once-per-year rollover limitation that applies to 60-day indirect rollovers. You can initiate as many direct traditional IRA and Roth IRA transfers as needed in any calendar year. The one-per-year rule only applies when the IRA distribution is paid to you rather than directly to Ally Bank as the receiving trustee.

QuestionAnswer
Form NameAlly Bank Ira Transfer Form
Form Length2 pages
Fillable?Yes
Fillable fields46
Avg. time to fill out30 sec
Other namestraditional transfer request, how do i transfer an ira to ally bank, ally ira request form, bank traditional transfer

How to Fill Out Traditional IRA Transfer Request

Traditional IRA Transfer Request at a glance

What it is: Traditional IRA Transfer Request with a Transfer Authorization to Present IRA Trustee/Custodian, from Ally Bank.

Where and when to file: Return this form with any attached documents using one of these methods: Online, log in at ally.com and select Messages, or log in on the app. Attach the form to your message. Mail: Ally Bank Retirement Services, P.O. Box 13625, Philadelphia, PA 19101-9811.

A filled-in Traditional IRA Transfer Request example: transferring a plan balance by wire

Traditional IRA Transfer Request example filled out, example: transferring a plan balance by wire
Jane Q. Sample fills out the Ally Bank Traditional IRA Transfer Request. She moves the entire balance of plan 12345 from another financial institution to a traditional IRA by wire. The picture shows page 1 only, and none of its entries is real. Her IRA is not inherited, so the inherited funds lines stay empty. She transfers the entire balance of the plan, so the account and amount boxes stay empty. She sends the asset on a date she chooses, so the maturity date box stays empty. She wires the funds, so nothing goes in the receiving plan number box. Ally Bank signs its acceptance lines, so they stay empty.

How to fill out Traditional IRA Transfer Request, box by box

Present IRA Trustee/Custodian

Traditional IRA Transfer Request example filled out, present IRA Trustee/Custodian

The Present IRA Trustee/Custodian is Another Financial Institution or Ally Bank.

Enter the NAME OF FINANCIAL INSTITUTION, ADDRESS, CITY, STATE and ZIP CODE of the Present IRA Trustee/Custodian.

Enter the CONTACT NAME AT FINANCIAL INSTITUTION (OPTIONAL), the CONTACT PHONE and the FINANCIAL INSTITUTION PHONE. FAX NUMBER: needed only if Present IRA Trustee/Custodian will accept the request by fax.

IRA Owner

Traditional IRA Transfer Request example filled out, iRA Owner

Under IRA Owner, enter the FIRST NAME, M.I., LAST NAME / SUFFIX, SOCIAL SECURITY and DATE OF BIRTH.

Under IRA Owner, enter the Address, Personal Phone, Work Phone, City, State, Zip Code and Ally Bank Account Number.

Inherited Traditional IRA funds or a decedent's Traditional/SEP IRA

Traditional IRA Transfer Request example filled out, inherited Traditional IRA funds or a decedent's Traditional/SEP IRA

If inherited Traditional IRA funds or if funds are coming from a decedent's Traditional/SEP IRA, enter the NAME OF ORIGINAL OWNER, DATE OF BIRTH, DATE OF DEATH and RELATIONSHIP.

Type of Transfer

Traditional IRA Transfer Request example filled out, type of Transfer

Under Type of Transfer, select only one: Traditional IRA to Traditional IRA, SEP IRA to Traditional IRA, Decedent Traditional IRA to Inherited Traditional IRA, Decedent SEP IRA to Inherited Traditional IRA or Inherited Traditional IRA to Inherited Traditional IRA.

Transfer the IRA asset

Traditional IRA Transfer Request example filled out, transfer the IRA asset

Transfer the IRA asset (cash proceeds only): select only one.

The entire balance of this plan: enter the PLAN NUMBER.

Only the balance in these accounts: enter an ACCOUNT NUMBER, an ACCOUNT NUMBER and an ACCOUNT NUMBER.

Only the specific dollar amount: enter the TRANSFER AMOUNT after $ and the ACCOUNT NUMBER after from account.

Other (specify): specify it.

Send the IRA asset

Traditional IRA Transfer Request example filled out, send the IRA asset

Send the IRA asset: select only one.

At maturity date of: enter the date.

Immediately: I understand that Certificate of Deposit (CD) early withdrawal penalties may apply.

On (specify date): enter the date.

Receiving Ally Bank account number

Traditional IRA Transfer Request example filled out, receiving Ally Bank account number

Enter the NAME OF IRA OWNER after Send wire or make check payable to Ally Bank, Custodian for the IRA of, and the ACCOUNT NUMBER after Receiving Ally Bank account number.

Customer's Preferred Funds Delivery Method

Traditional IRA Transfer Request example filled out, customer's Preferred Funds Delivery Method

Under Customer's Preferred Funds Delivery Method, select only one.

Wire funds to Routing/ABA Number 124003116 (Ally Bank as Receiving IRA Custodian). Mailing address may also be used for wire transfer documentation.

Mail check to Ally Bank Retirement Services, PO Box 13625, Philadelphia, PA 19101-9811.

Send check expedited delivery to Ally Bank Retirement Services, 200 Dryden Rd. E., Suite 1075, Dresher, PA 19025-1044.

Move funds between IRA plans within Ally Bank: enter the RECEIVING PLAN NUMBER.

Signatures

Traditional IRA Transfer Request example filled out, signatures

Sign on the IRA OWNER SIGNATURE line and enter the DATE. By signing you certify that, to the best of your knowledge, the information provided on this form is true and correct and may be relied on by the IRA Custodian.

Transfers may require a Signature Guarantee. Contact the present IRA Trustee/Custodian to see if one is needed.

Ally Bank as successor IRA Custodian agrees to accept the transferred assets and to deposit them into a Traditional IRA that meets the IRS requirements. The AUTHORIZED SIGNATURE OF ALLY BANK AS SUCCESSOR CUSTODIAN has its own SIGN and DATE.

More rules for Traditional IRA Transfer Request

Ally Bank will need to contact you for the original form, if your present IRA Trustee/Custodian requires it.

Print your responses in the applicable fields.

I understand that this transaction may be subject to fees, taxes, and/or penalties. Due to the important tax consequences of this transaction, I agree to seek the advice of a legal or tax professional, as needed.

The IRA Custodian has not provided me with any legal or tax advice, and I assume full responsibility for this transaction. I will not hold the IRA Custodian liable for any adverse consequences that may result from this transaction.

Invest IRAs

You have an Invest IRA

Go to ally.com to get the appropriate form for Invest IRAs.

Common questions about Traditional IRA Transfer Request

Is there a deadline?

Keep in mind that if you're a new customer to Ally Bank, you must transfer your funds within 90 days of account opening to ensure your account remains open. After 90 days, the account will be permanently closed, and any funds received will be returned.

Where do I file it?

Fax: Subject Line: Retirement Services; Fax Number: 866-699-2969. Expedited Delivery: Ally Bank Retirement Services, 200 Dryden Rd. E., Suite 1075, Dresher, PA 19025-1044.

Where to get help with Traditional IRA Transfer Request

Questions? Call 1-877-247-2559 or visit ally.com.

Sources

[1] Traditional IRA Transfer Request (UPDATED 06/2023), Ally Bank (the Official source link on this page).

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