General Rollover Questions

I’ve already received a check made out to me with 20% withheld. If I complete the rollover now, will I be able to recover that 20%?

To roll over your entire distribution to your Webull IRA, you'll need to replace the 20% that was withheld with your own funds, all within 60 days of receiving the distribution. If you do this, the withheld 20% will be credited toward your income tax liability when you file your tax return. However, if you cannot cover the 20% withholding, the IRS will treat that amount as a taxable distribution and it may also be subject to a 10% early withdrawal penalty if you are under age 59½.

What tax forms will I receive for a rollover?

When you complete a rollover from a retirement account, you typically receive the following tax forms:

1. Form 1099-R: This form is issued by the financial institution handling the distribution. It reports the amount distributed from your retirement account and indicates whether any taxes were withheld. It will also include a distribution code found in box 7 that provides information about the type of distribution.

2. Form 5498: This form is provided by the receiving financial institution and reports contributions, including rollovers, made to your retirement account. It shows the amount rolled over and the total contributions for the year. Form 5498 is usually sent out after the tax filing deadline, so you may receive it after you have filed your tax return.

I have a Roth 401k. How do I complete a rollover?

Only designated Roth 401(k) accounts can be directly rolled over or transferred into a Roth IRA. If you have a traditional 401(k) and wish to convert it to a Roth IRA, you must first transfer it into a Traditional or Rollover IRA at Webull. Once the transfer is complete, you can then perform a Roth IRA conversion to move the funds into a Roth IRA.

What should I do if I accidentally deposited my IRA contribution or rollover check into my brokerage account?

Please fill out our IRA Deposit Slip and return it to us via the in-app Help Center or by sending an email to IRA@webull.com. Make sure that the "Account Name/Title" fields match the name on your delivering brokerage account and receiving IRA account.

This form is intended solely for transferring funds meant for deposit into an IRA account as either a regular or rollover contribution. Stocks and securities cannot be deposited into an IRA account as contributions. Please be aware that your brokerage account will be locked for trading and withdrawals until the cash transfer is completed, which may take 1-2 business days.

Webull Financial does not offer tax advice. Any integration with third-party tax software is provided for informational purposes only. For any questions about taxes, including how to file, you should contact a tax professional.