transfer

Transfer

A tax-free, non-reportable movement of assets between retirement plans.

Notes:

Generally, transfers occur between similar types of plans: for instance, from a Roth IRA to a Roth IRA. There is no limit on the number of transfers that may occur between retirement plans, but a transfer must occur between the trustees/custodians of the retirement accounts. This means that the assets are made payable to the trustee/custodian, not the retirement account holder.

See also: First-Time Homebuyer, Qualified Acquisition, Rollover

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Transfer

A change of ownership from one person or party to another.

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transfer

1. To record a change of ownership in a security on the issuer's books.

2. To deliver a security to the buyer's broker by the seller's broker.

Is it difficult to transfer my brokerage account to a different firm?

Transferring an account to another firm is relatively easy. The first step is to open an account at the new firm. Then sign an account transfer form, which will be provided by the new firm. A representative at the new firm should be able to provide assistance if you encounter any difficulties. The transfer should be completed within two weeks.

George Riles, First Vice President and Resident Manager, Merrill Lynch, Albany, GA