Transfers
A nonreportable movement of assets between IRAs and other retirement accounts.
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Transfer
Definition A nonreportable movement of assets between retirement accounts of the same type. Generally, transfers occur between: Two traditional IRAs A traditional IRA and a
Adjusted closing balance
Definition The adjusted closing balance is the fair market value of the assets at the end of the computation period plus: Any distributions from the
Adjusted opening balance
Definition For purposes of computing the NIA (net income attributable) on a recharacterization or return of excess IRA contribution. The fair market value of the IRA
Outstanding Transfer
Definition A trustee-to-trustee transfer where the assets leave the delivering IRA in one year and credited to the receiving IRA in the following year.
Trustee-to-trustee transfer
Definition From a technical perspective, trustee-to-trustee-transfers means that the assets are paid to the receiving retirement custodian, trustee or other approved recipient. Within the retirement
ACATS (Automated Customer Account Transfer Service)
Definition A system that facilitates the automated movement of account balances between financial institutions. Automated Customer Account Transfer Service- Determining Factors Typically, the entire account
