Initiating a Rollover

What is a rollover?

A rollover is the process of transferring funds from one retirement account to another, such as moving assets from a 401(k) to an IRA or from one IRA to another. The purpose of a rollover is to consolidate retirement accounts, change investment options, or move funds when changing jobs.

What options do I have with my old 401(k) or QRP?

With a 401(k) plan, you have the following four options:

1. Leave the Money in Your Current Plan

If your plan allows, you can keep your funds in your current employer’s 401(k) plan even after you leave the company.

2. Roll Over to a New Employer's 401(k)

You can transfer your 401(k) funds to your new employer’s 401(k) plan if the new plan accepts rollovers.

3. Roll Over to an IRA

You can move your 401(k) funds to an Individual Retirement Account (IRA) for potentially more investment options and control over your assets.

4. Cash Out

You can withdraw the funds from your 401(k), though this may result in taxes and penalties if you are under age 59½.

What is the difference between a direct and indirect rollover?

A direct rollover and an indirect rollover are two methods for transferring funds from a retirement account, such as a 401(k), to another retirement account or IRA. Here’s how they differ:

Direct Rollover

• Process: Funds are transferred directly from the old retirement account (e.g., 401(k)) to the new retirement account (e.g., IRA or new 401(k)).
• Tax Implications: There are no tax consequences or withholding requirements. The funds never touch your personal bank account.
• Timing: Generally quicker and more straightforward, as the transfer is handled directly between financial institutions.

Indirect Rollover

• Process: Funds are distributed to you personally, and you are responsible for depositing the money into a new retirement account. You may complete one indirect rollover every 12 months.
• Tax Implications: The distribution is subject to withholding taxes, typically 20%. You must redeposit the funds into a new retirement account within 60 days to avoid taxes and potential penalties on the distribution.
• Timing: Can be more complex due to the requirement to deposit the funds yourself within the 60-day window. Failure to do so may result in taxes and penalties.

How do I initiate an indirect rollover?

You will request a check made payable to you directly and sent to your address. You’ll have 60 days to forward the funds to your new IRA to avoid IRS penalties. Note that your plan administrator may withhold 20% for federal taxes. When depositing the check with Webull, ensure you include an IRA Deposit Slip if the check does not have payment instructions.

Please note that signing or endorsing the check is not required; leave it blank for Webull to sign.

How do I initiate a direct rollover?

To initiate a direct rollover, begin by consulting with the delivering financial institution. If you are transferring the rollover via wire, first obtain the necessary wire remittance information here, along with your account number. For a direct rollover via check (which is the most common method), provide the following payment instructions to your delivering institution:

Address:

Webull Financial LLC c/o Treasury Department

200 Carillon Pkwy

St. Petersburg, FL 33716

Payable to:

Webull Financial LLC FBO [NAME], [WEBULL ACCOUNT NUMBER]

Please be aware that for IRA deposits, we can only accept checks issued directly from a bank, broker, or fund. Personal checks or money orders cannot be accepted.

How do I request a Letter Of Acceptance (LOA)?

To initiate your request, please contact us via our in-app Help Center or email IRA@webull.com. In your message, include the following details:

1. Name of the delivering financial institution
2. Account type and number from the other firm
3. Specific Webull account into which the funds will be transferred

Please send all LOA requests and completed forms to through our in app Help Center or IRA@webull.com.

How do I initiate an outgoing rollover?

When moving assets from your Webull IRA to another retirement account, you have four options:

1. Direct Rollover

Request a check be sent directly to the custodian of the new retirement account.

2. Indirect Rollover

Request a check be sent to you. You will then have 60 days to deposit the funds into an IRA or QRP account to avoid taxes and penalties.

3. Wire Distribution

Request a wire transfer directly to the outside firm. Alternatively, you can initiate an ACH or wire transfer to your bank account via the Webull App or Webull.com. Note that the 60-day indirect rollover rule applies if you handle the funds yourself.

4. Account Transfer

If the receiving firm has the same type of account, you can request an account transfer. Provide your Webull account information to the outside firm, and they will start the transfer. This is usually the simplest method. Be aware that Webull charges a $75.00 fee for outgoing transfers, and the funds must be available in cash before initiating the transfer.

You can request either a Direct or Indirect Rollover by completing the distribution form below:

Traditional and Rollover IRA

IRA Distribution form

Roth IRA

Roth IRA Distribution form

Once the form is completed and signed, please send your document to us via the in-app Help Center or sending an email to IRA@webull.com.

For more information about rollovers and the rules that govern them, please visit irs.gov.

Please consult with your plan administrator or a trusted financial advisor to confirm that you are completing an eligible rollover. Due to IRS and SEC regulations, Webull cannot correct or alter ineligible rollovers, which may lead to additional taxes or penalties. For information on eligible account types for rollover, refer to the IRS rollover chart.

Contact your retirement plan administrator to specify the delivery method for the assets. A direct rollover avoids tax withholding and IRS penalties.