A “transfer” is a movement of funds between two IRA’s. These type of transactions do not have to be reported to the IRS. You are allowed to do as many as you would like per year. In order to initiate an IRA transfer from one to another, you must contact the custodian in which you will be moving funds to so they can submit the request to the custodian in which funds will be leaving. That custodian will then send the funds directly to the other custodian to be deposited into your IRA account. Some IRA transfers are not allowed by the IRS depending on the type of IRAs you are trying to transfer between.
Below is an IRS chart which details the transfers that can and cannot be made between different IRA types.
For questions on how you can transfer your IRA to Midland, contact 239-333-1032, or visit www.MidlandTrust.com for more information.