Forum Replies Created
Thanks. I’ll look for it. Minie
Sorry for late in response. I have successfully moved my retirement account from Fidelity to my credit union. However, don’t recall filling out a beneficiary form. Will follow up on that. Thank you very much for taking the time to respond and help me. Much appreciated. Wishing you all a very Happy Chinese New Year.
I think in the past when I opened a CD they created not a new TIRA, but just added a new suffix number to the existing TIRA for it. But even if they did as you say created a new TIRA, will that create any issues to be considered?
Update – Got the Fidelity checks this evening. They are both Pay to the order of: My credit union..”TR IRA FBO:” my full name and address follows. Everything seems to be in order just as you laid out above. Plan to deposit them tomorrow using the IRA forms she emailed me this morning. Almost there. Tomorrow is Chinese New Year so wishing you a Happy Chinese New Year.
best regards, Melody.
I just got off the phone with the CU rep. She apologized and said she sent me the wrong forms and to throw them out. She then partially filled out a new form that said IRA Contribution and Investment Selection at the top and emailed them to me. I printed out 2 copies. She selected Rollover as the Contribution type. In parentheses, it said “Distribution from Traditional IRA,….or eligible employer-sponsored retirement plan that is being deposited into this Traditional IRA.” I’m depositing the money into my existing IRA marketedge account so I hope that’s ok. Just waiting for the checks to arrive this week from Fidelity. Much thanks for your prompt reply and support and guidance.
When I decided to move my money over to the credit union (“CU”), the CU rep admitted she was not familiar with what a 403b and 401a. I was concerned reading somewhere that you were only allowed one rollover a year. Fidelity said that couldn’t be true because he had just helped someone rollover 10 accounts recently. I believe the credit union rep asked someone on her end and said that was true except for cases when the account was sponsored by a health organzation. So with that, I told Fidelity to close the accounts and the CU rep told Fidelity to make the checks out to the credit union on behalf of my name. The forms she sent me indicated it a HSA to HSA transfer to an IRA account in my name. It said HSA contribution at the top of the form. So my question is, are my 403b and 401a accounts (per Fidelity quarterly statements) considered some kind of IRA accounts? Is there a rule about one rollover a year? Thanks.
As this is not my area of expertise, I thank you both for your prompt replies confirming HSA is not correct and my credit union made a mistake. Credit union closed for the weekend. The 403b and 401a plans are what is listed on my quarterly statements from Fidelity. Have not received 1099 from Fidelity yet but am not expecting 1099 until next year. Will not use the HSA deposit forms from my credit union. Many thanks again for your support and relief from worries. Been pacing about til I got your replies. Will wait til Monday and call the credit union and ask them to reissue correct deposit forms. Big Whew and many thanks again. Best regards. Melody
p.s. I am 67 yrs old, the 2 forms are supposed to be used by me to deposit the checks when I receive them next week from Fidelity.