Fidelity SEP IRA Rollover Options and Requirements

If you're considering a Fidelity SEP IRA rollover, you'll want to understand your options and requirements. You can roll over a SEP IRA to an IRA or another employer-sponsored retirement plan, such as a 401(k) or a 403(b).

To roll over a Fidelity SEP IRA to an IRA, you'll need to initiate the transfer through Fidelity's website or by contacting their customer service. You can also roll over a SEP IRA to a traditional IRA, which is a type of individual retirement account.

A Fidelity SEP IRA rollover to an IRA can be a tax-free transfer, but it's essential to note that you'll need to complete the transfer within 60 days to avoid taxes and penalties.

A 457(b) plan is a type of retirement plan offered by some employers, allowing you to save for retirement on a tax-deferred basis.

These plans allow a direct rollover, where funds are transferred directly to another retirement plan, without any taxes being withheld.

In some cases, an indirect rollover is possible, where you receive a check for the amount in your 457(b) plan, but this requires you to roll the money into another tax-deferred account within 60 days to get a refund of the taxes paid.

Retirement plans can refer to a rollover as either a "roll-in" or a "roll-out", depending on whether the plan is receiving or distributing assets to another plan.

The rollover process for a Fidelity SEP IRA is relatively straightforward, but it does take some time. It typically takes about 7-10 business days for mail to reach the custodian if sent via USPS.

You'll receive an email notification within 5-7 business days after BTC receives your check, letting you know that they've received it.

The funds will be attributed to your Guideline 401(k) account within 10 business days after receipt of your rollover check.

To initiate a Fidelity SEP IRA rollover, you'll need to contact your prior provider to request a check. You can request the funds be sent either directly to Guideline or to your address with a check made payable to BTC/Guideline for your benefit.

Guideline does not support rollovers via wire or ACH transfer at this time. You'll need to work with your previous provider to get a check.

You should share the following information with your previous provider:

If your previous provider mails the check directly to you, make copies of it for your financial records. Then, mail the check and all supporting documents to the custodian at the address above.

When setting up your Fidelity SEP IRA rollover, you'll need to provide some essential information about your previous account.

Enter the requested information regarding the account type and balances you would like to roll over to Guideline. If any info changes, you will be able to edit the details later.

Inbound Processing is a crucial step in a Fidelity SEP IRA rollover. You can initiate the process online, by phone, or by mail.

Fidelity requires a completed rollover form, which you can find on their website or by contacting their customer service. The form will ask for your account information and the account you're rolling over from.

To ensure a smooth process, make sure your Fidelity SEP IRA account is open and active before initiating the rollover.

To submit the direct-rollover form, you have two options.

You can mail the form to Fidelity Investments.

Please follow up with Fidelity at least 2 business days later to confirm they received the form and to see if they have any additional questions.

Inbound processing can take some time, but knowing what to expect can make the process less daunting.

It typically takes 7-10 business days for mail to reach the custodian if sent via USPS.

Mail sent via USPS will be notified by email within 5-7 business days when BTC has received your check.

Funds will be attributed to your Guideline 401(k) account within 10 business days after receipt of your rollover check.

The funds will appear in your dashboard within the Activity page under Transfers once the rollover has completed.

There may be delays in processing if specific information is not included and must be verified.