Retirement accounts aren’t just places to park money—they’re long-term tools that can potentially grow as your financial strategy evolves. You may have opened a Traditional IRA with Merrill Edge when their investment options met your needs, but today, J.P. Morgan’s wealth management offerings might better align with your retirement goals.

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 J.P. Morgan 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: Prepare Your Accounts for Transferring

Moving your Traditional IRA from Merrill Edge to J.P. Morgan requires advance planning. First, confirm that both institutions support Traditional IRA transfers and that you have an active Traditional IRA account with each. Review your Merrill Edge account for any pending transactions or restrictions that may delay processing.

What You’ll Need:

✅ Active Traditional IRA at Merrill Edge

✅ Open Traditional IRA at J.P. Morgan

✅ Both accounts eligible for transfer

✅ No pending transactions or account restrictions

📝 Tip: Make sure your J.P. Morgan account is set up specifically as a Traditional IRA to avoid processing issues.

Step 2: Gather Essential Transfer Documentation

Having the right documents ready helps ensure a smooth transfer. You’ll need to verify your identity and provide details about your Merrill Edge and J.P. Morgan accounts.

✅ Government-issued photo ID (e.g., driver’s license or passport)

✅ Most recent Merrill Edge Traditional IRA account statement

✅ Social Security Number

✅ J.P. Morgan Traditional IRA account details

✏️ Tip: If your driver’s license is expired, a valid passport can serve as an alternative for identity verification.

Step 3: Choose Your Transfer Method

There are two main options: direct transfer or rollover. A direct transfer (also called a trustee-to-trustee transfer) is usually the most tax-efficient method. Funds move directly between financial institutions without you handling the money.

📝 Important: A direct transfer helps you avoid potential taxes or early withdrawal penalties.

Key transfer considerations:

Step 4: Initiate the Transfer Request

Reach out to J.P. Morgan or use their online portal to begin the transfer. You’ll likely be asked to fill out an Account Transfer Form and submit your Merrill Edge account information.

✏️ Hypothetical Example: Have your Merrill Edge statement nearby when speaking to a J.P. Morgan representative to streamline the process.

Transfer initiation checklist:

✅ Provide accurate account information

✅ Complete and submit transfer authorization forms

✅ Verify that your account details match

Step 5: Understand Potential Transfer Fees

While IRA transfers generally don’t carry fees, Merrill Edge charges a $49.95 account closure fee if you’re closing the account entirely. Also check for any processing or administrative fees from J.P. Morgan. It’s always advisable to review all associated fees and consult with both institutions to ensure a smooth transfer process.

Step 6: Track Transfer Timeline and Expectations

A typical IRA transfer takes between 5–10 business days. Avoid activity in your Merrill Edge account during this time to prevent delays.

Typical transfer timeline:

✅ Initial request: 1-2 business days

✅ Verification process: 2-3 business days

✅ Fund movement: 3-5 business days

📝 Tip: Retain both old and new account statements until the transfer is complete and verified.

Step 7: Tax Considerations for Your Transfer

Direct transfers between IRAs are generally non-taxable if completed properly. Avoid taking personal possession of funds to maintain the tax-deferred status of your Traditional IRA.

Key tax points:

Step 8: Final Verification and Confirmation

Once the transfer is completed, confirm that the full amount was received in your J.P. Morgan Traditional IRA. Check your statements and retain all records.

Verification steps:

✅ Review your J.P. Morgan account statement

✅ Match the transferred amount to your Merrill Edge balance

✅ Save all transfer-related documentation for your records

📌 If you’re looking for more guidance, these resources may help:

Final Takeaways

Transferring a Traditional IRA from Merrill Edge to J.P. Morgan is a detailed process that requires thoughtful preparation. Key steps include opening a Traditional IRA at J.P. Morgan, preparing essential documentation such as a government-issued ID and recent account statements, and opting for a direct transfer to help avoid tax implications. 

A direct, institution-to-institution transfer is generally the safest way to maintain your IRA’s tax-deferred status.

✅ Always verify the specific requirements with both financial institutions

✅ Ensure you’re transferring between matching account types (Traditional IRA to Traditional IRA)

❌ Avoid indirect rollovers, as they may lead to unexpected tax liabilities or penalties

📌 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/).