How to Transfer a Traditional IRA from Merrill Edge to Citi Personal Wealth Management

Managing your retirement savings often involves reevaluating where your assets are held and how they’re being managed. If your Traditional IRA is currently with Merrill Edge, but you’re considering a different approach to investing, Citi Personal Wealth Management may offer features or services that better align with your long-term goals. Whether you’re seeking more personalized advice or different investment strategies, moving your IRA to a new provider can be a practical step in refining your retirement plan.

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. This guide breaks down the steps to transfer your Traditional IRA from Merrill Edge to Citi Personal Wealth Management smoothly and penalty-free. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward.

Step 1: Gather Necessary Information

Before initiating the transfer, prepare the following:

✅ Your Merrill Edge Traditional IRA account number

✅ Recent account statements

✅ Government-issued photo ID

✅ Social Security Number

✅ Contact information for both Merrill Edge and Citi Personal Wealth Management

📝 Pro Tip: Ensure your personal information (name, Social Security number, etc.) matches exactly across both institutions. Inconsistent details are a common cause of transfer delays.

Step 2: Open a Traditional IRA at Citi Personal Wealth Management 

If you haven’t done so, open a Traditional IRA with Citi Personal Wealth Management. This can usually be completed online or through a Citi financial advisor. Be ready to provide personal, financial, and employment information during the application process.

Step 3: Decide on the Transfer Method

There are two primary methods to move your IRA:

Direct Transfer (Trustee-to-Trustee Transfer):

✅ Funds are transferred directly between Merrill Edge and Citi

✅ No tax withholding or penalties
✅ Not subject to the one-rollover-per-year rule

Indirect Rollover:

❌ Funds are distributed to you first, and you must redeposit them into the new IRA within 60 days

❌ Subject to 20% mandatory withholding

❌ Limited to one rollover per 12-month period across all IRAs 

📝 Important: A direct transfer is generally recommended to avoid potential taxes and penalties.

Step 4: Initiate the Transfer

Contact Citi Personal Wealth Management to obtain and complete their IRA Transfer or Direct Rollover Form. Include details about your Merrill Edge account, such as the account number and type. Indicate whether the transfer will be full or partial.

Step 5: Submit Required Documentation

Submit the completed transfer form along with:

✅ A copy of a government-issued ID

✅ Your most recent Merrill Edge account statement

✅ Any additional documents requested by Citi

📝 Important: Double-check all forms for accuracy to avoid delays.

Step 6: Understand Potential Fees

✅ Merrill Edge: May charge a full account transfer fee of $49.95 per account.

✅ Citi Personal Wealth Management: Typically does not charge fees for incoming IRA transfers

📝 Important:  Always confirm fee details with both providers before initiating your transfer.

Step 7: Monitor the Transfer Process

Transfers typically take 5–10 business days. Stay in touch with both Merrill Edge and Citi Personal Wealth Management to track the transfer’s progress. After completion, confirm:

✅ The full balance was transferred
✅ The funds are reflected accurately in your new account
✅ Your investment allocation is aligned with your preferences

Step 8: Consider Tax Implications

A direct transfer between Traditional IRAs is a non-taxable event. However, if you use an indirect rollover and fail to redeposit the funds within 60 days, the distribution may be taxed and subject to early withdrawal penalties. Additionally, only one indirect rollover is allowed per 12-month period, across all IRAs.

📝 Note: Transfers involving complex assets or partial rollovers may take longer than average.

📌 Related Resources:

Final Thoughts

Transferring your Traditional IRA from Merrill Edge to Citi Personal Wealth Management can be a smooth and secure process—especially when you plan ahead. By choosing a direct transfer, completing all paperwork accurately, and staying mindful of timing, you can help avoid delays or unintended tax consequences. Done correctly, this type of move is typically non-taxable and allows you to better align your retirement savings with your evolving investment goals.

✅ Ensure your personal and account details match across both institutions
✅ Monitor the transfer closely and follow up if needed
✅ Contact both Merrill Edge and Citi for assistance or clarification at any step

Being proactive and detail-oriented can make all the difference in ensuring your IRA transfer is completed efficiently and without issue. 

📌 Want to dive deeper? Here are some other helpful (and free) resources:

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Disclaimer:

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).