Trustee-to-Trustee Transfers Explained
A trustee-to-trustee transfer moves money directly from one IRA custodian to another without it ever being paid to you. In most cases the receiving custodian starts the process by sending your signed transfer request to the current custodian. Because you never have use of the money, the IRS doesn't treat it as a distribution or a rollover, so there's no withholding, no 60-day deadline, and no once-a-year limit.
Who Does What
| Party | Role in the transfer |
|---|---|
| You | Open the receiving account, sign the transfer request, sell holdings to cash if needed, answer verification calls |
| Receiving custodian | Supplies the transfer form, sends it to the current custodian, accepts and posts the incoming funds |
| Current custodian | Verifies the request, liquidates or releases assets as instructed, sends a check or wire to the receiving custodian |
| Metals dealer | Once cash posts, sells eligible metal to the IRA and ships it to the depository on the custodian's direction |
| Depository | Receives, logs, and stores the metal for the custodian |
The receiving custodian drives the process because it has to confirm it will accept the money and properly title it. That's the reverse of an employer plan rollover, where you usually submit the distribution request to the plan yourself.
The Forms Involved
- Account application for the self-directed IRA, including beneficiary designation.
- Transfer request form (sometimes called a transfer authorization), naming the current custodian, the account number, the amount or "full transfer," and whether assets move as cash or in kind.
- A copy of a recent statement from the current account, so the receiving custodian can match names and numbers exactly.
- Medallion stamp or extra verification, which some current custodians require, particularly for large or full transfers.
- A purchase direction form, used later to tell the custodian which metals to buy from which dealer.
Our rollover paperwork guide covers the full set, including tax forms.
Cash vs. In-Kind Transfers
A transfer can move cash or specific assets. For a move into metals, cash is typical: the self-directed IRA needs cash to pay the dealer. If your current IRA holds mutual funds, stocks, or ETFs, you would generally sell them inside the IRA first (not a taxable event) or instruct the current custodian to liquidate. If you already hold IRA metal and want to change custodians, an in-kind transfer may be possible, with metal moving between approved depositories. See transferring a brokerage IRA for how selling works.
Electronic vs. Paper Transfers
Between large brokerages, transfers often run through an automated network. Many self-directed IRA custodians and banks aren't part of that system, so transfers to them often move by check or wire after a request is processed by hand. That's one reason a transfer into a metals IRA can take longer than a move between two big brokerages. Our rollover timeline covers typical delays.
Why the IRS Treats Transfers Differently
The IRS explains on its rollovers page that a transfer of funds between trustees isn't a rollover, because there's no distribution to you. Three practical results follow:
- No withholding. Nothing is paid to you, so there's nothing to withhold.
- No 60-day clock. See the 60-day rollover rule for what you avoid.
- No 12-month limit. You can make as many transfers as you like; see the one-rollover-per-year rule.
Transfers must stay within the same tax type: traditional to traditional, Roth to Roth. SIMPLE IRAs have a two-year restriction on where money can go, explained on the IRS SIMPLE IRA page.
Employer Plans: The Equivalent Move
For a 401(k), 403(b), governmental 457(b), or TSP, the comparable move is a direct rollover. You request it from the plan, and the plan pays the custodian. It's reported on Form 1099-R as a direct rollover, unlike an IRA transfer, but it shares the advantages of no withholding and no 60-day clock. See direct vs indirect rollovers.
Tips for a Smooth Transfer
- Match your name and account number exactly as they appear on the current statement.
- Ask the current custodian about outgoing transfer or closing fees, and leave cash to cover them for partial transfers.
- If you sell holdings first, wait for trades to settle before submitting.
- Follow up with both custodians about a week after submitting.
Transfers With Goldco
Goldco, a precious metals company, offers gold and silver for IRAs funded by transfer from an existing IRA and says it works with all major self-directed IRA custodians. Its precious metals specialists can help customers understand the custodian's transfer forms but are not licensed to give financial, legal, or tax advice. See the Goldco storage and custodians page for how it describes custodian and depository roles.
Frequently Asked Questions
Do I contact my old custodian or the new one to start?
Usually the new one. It sends your signed request to the old custodian. You may still need to sell holdings or answer a verification call.
Will a transfer into metals appear on my tax return?
Generally no. A direct trustee-to-trustee transfer isn't a distribution and usually isn't reported on Form 1099-R.
Can I transfer only part of an account?
Yes. Specify a dollar amount or particular holdings on the transfer form. See partial rollovers.