Rollover
Quick question. Recently initiated rollover from 401K. Requested separate checks for pre tax and after tax portions of account. Fidelity only sent one check for total amount. Can I split the check and have the pretax portion deposited in IRA and the after tax portion deposited in Roth or do I have to go back to Fidelity and have them reissue the 2 separate checks as I requested?
Thanks in advance.
Glenn
Permalink Submitted by Alan - IRA critic on Mon, 2017-08-21 23:42
They should have issued two checks payable to your respective IRAs for your benefit. The current IRA custodian should not accept your verbal breakdown of that check, but you could always ask them if they will. Be careful if you start with the IRA custodian because if that check is deposited entirely in a single IRA it will mess up your ability to isolate your basis to your Roth IRA. You may also have issues with Fidelity re issuing unless they clearly mishandled your request.