Retirement accounts can feel like complicated puzzle pieces, especially when you want to switch investment platforms. Transferring a Traditional IRA is a strategic step that may reflect changes in your financial goals or service preferences. The process isn’t just about changing providers — it’s about aligning your investments with your evolving financial strategy.
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 T. Rowe Price 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: Get Your Account Ready
Opening a Traditional IRA with T. Rowe Price starts with some preparation. Before beginning the transfer, gather the necessary personal and account information. You can reach out to T. Rowe Price’s customer support for assistance with account setup.
What You’ll Need
✅ Social Security Number
✅ Valid government-issued photo ID
✅ Current Merrill Edge Traditional IRA account information
✅ Personal contact details
✅ Employment information
✅ Beneficiary details
📝 Pro Tip: Have your most recent Merrill Edge IRA statement on hand during setup to streamline the process.
Step 2: Understand Transfer Options
A direct transfer is typically the most efficient and tax-advantaged way to move your Traditional IRA. With this method, the funds are transferred directly from Merrill Edge to T. Rowe Price, avoiding early withdrawal penalties and potential taxes.
✏️ Hypothetical Example: If you have $50,000 in your Merrill Edge Traditional IRA, you can transfer the entire balance directly to T. Rowe Price without incurring any immediate tax consequences.
Step 3: Gather Essential Documentation
To facilitate the transfer, you’ll need to provide T. Rowe Price with key documentation. This ensures your request can be processed accurately and without delay.
✅ Completed transfer request form
✅ Proof of identity (such as a driver’s license or passport)
✅ Recent Merrill Edge IRA statement
✅ Your Merrill Edge IRA account number
✅ Updated contact information
Step 4: Initiate the Transfer Process
Contact T. Rowe Price to start the transfer. They typically handle most of the paperwork and communication with Merrill Edge. Provide them with your existing account details and authorize the transfer of funds.
📝 Important Note: Transfers typically take 5–10 business days to complete, though some cases may take up to three weeks depending on processing times.
Step 5: Understand Potential Transfer Fees
T. Rowe Price typically does not charge a fee to receive incoming IRA transfers.
Merrill Edge charges a $49.95 full account transfer fee for Traditional IRAs. While this fee exists, many investors find the benefits of transferring outweigh this cost.
✏️ Hypothetical Example: On a $50,000 IRA, the $49.95 Merrill Edge transfer fee represents less than 0.1% of the total balance.
Step 6: Consider Tax Implications
When done correctly, a direct IRA transfer does not trigger any taxes or penalties. Since the funds never pass through your hands, the transfer maintains your IRA’s tax-deferred status.
📝 Reminder: Consult a qualified tax advisor to confirm how this transfer fits into your overall tax situation.
Step 7: Verify Transfer Completion
Keep an eye on both accounts throughout the process. Once the funds arrive in your T. Rowe Price account, confirm that the full amount was received and that the account is correctly set up.
✏️ Hypothetical Example: Check that the exact dollar amount from your Merrill Edge IRA appears in your new T. Rowe Price account.
Step 8: Final Account Setup
After the transfer is complete, review your new T. Rowe Price Traditional IRA. Update your investment selections, beneficiary information, and make sure all personal and financial details are accurate.
📌 If you’re looking for more guidance, these resources may help:
Wrapping Up Your IRA Transfer Journey
Transferring a Traditional IRA from Merrill Edge to T. Rowe Price involves a straightforward process that requires careful attention to detail. Key takeaways include preparing all required documentation, choosing a direct transfer to help avoid tax consequences, and understanding that the process may take several business days to complete. While direct transfers are often fee-free on the receiving end, be sure to confirm any potential outgoing fees with your current provider.
Your next steps include gathering your identification documents and recent account statements, opening a Traditional IRA with T. Rowe Price, and verifying all paperwork for accuracy to help ensure a smooth transfer experience.
📌 Want to dive deeper? Here are some other helpful (and free) resources:
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/).