Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by passive101 »

I tried not signing it and it said oops something went wrong. The app says to sign the back. I signed the back. I got the same error. Oops something went wrong.
User avatar
celia
Posts: 16774
Joined: Sun Mar 09, 2008 6:32 am
Location: SoCal

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by celia »

I would not deposit it on my own since it would look like a new contribution and the 401K withdrawal would thus not be rolled over (and would then be taxed).

You need to call Vanguard’s retrement accounts department during market hours and ask them what to do so it is processed as a rollover instead of a contribution.

The check is probably not accepted the way you were doing it because it had something besides Vanguard’s name on it (“FBO First Last”) which the app probably can’t understand.
Last edited by celia on Tue Oct 04, 2022 1:13 am, edited 1 time in total.
User avatar
asset_chaos
Posts: 2629
Joined: Tue Feb 27, 2007 5:13 pm
Location: Melbourne

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by asset_chaos »

If you go to your Vanguard account and open the menu for transact, one of the options is buy. Pick the fund you want the check to go into and execute a buy. Then options come up for how to fund the buy. One of them is send a check. If you pick send a check, Vanguard generates a pdf form you can download and print with the fund numbers they need to direct your check deposit to the right fund. Mail the form with your check. At least, that's how I've done it in the past. With the new look website some of the details may have changed.

It's also not clear if you've already opened a rollover IRA or want to at Vanguard. I thought in the past when you open the account online, one of the questions is how will you fund this account and one of the options is send a check, which then generated a similar pdf form.

Once, when the check app refused to process a check of mine, I uploaded the check image through the secure messaging channel with instructions for the fund I wanted the money to go into. Vanguard handled that, but that was a treasury check which might have made a difference.

Good luck.
Regards, | | Guy
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by passive101 »

I'm not going to mail anything to them. They were already sent various checks for 5 months and NEVER accepted a single one.

At least the amount is small if I just never get it :confused
Mr. Buzzkill
Posts: 305
Joined: Mon Mar 28, 2022 8:23 am

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by Mr. Buzzkill »

You don’t sign that check. Vanguard endorses the check because it’s made out to Vanguard for the benefit of the account holder.

Vanguard would need to know the account number into which it is to be deposited. Which might require printing and filling out a form to send or mail with the check.

I visit my local Schwab office with a rollover transfer distribution check, not endorsed by me, from my previous employer 401k check made out to Schwab FBO me. I tell the nice young lady behind the counter my IRA or Roth account number as appropriate and she takes the check and prints me receipt. I get an mail confirmation and app balance update within an hour.

Easy peezy lemon squeezy.
A strategy that works only in bull markets isn’t much of a strategy. Anyway, four dollars a pound.
User avatar
oldcomputerguy
Moderator
Posts: 17930
Joined: Sun Nov 22, 2015 5:50 am
Location: Tennessee

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by oldcomputerguy »

passive101, I merged your update into your original thread, so that readers can see everything in one place, have a better picture, and give you better responses.
There is only one success - to be able to spend your life in your own way. (Christopher Morley)
User avatar
retiredjg
Posts: 54082
Joined: Thu Jan 10, 2008 11:56 am

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by retiredjg »

passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Faith20879
Posts: 1242
Joined: Fri Mar 02, 2007 9:16 am

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by Faith20879 »

OP,

Any chance your rollover IRA at VG is of the old type? The newer brokerage type account has a settlement fund, any incoming fund will go straight to.

This is just a wild guess of mine. The old mutual fund accounts don't have a settlement fund, thus need a "purchase form" to go along as an instruction for where the money goes?

I really feel your pain. It shouldn't be this complicated.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by passive101 »

Faith20879 wrote: Tue Oct 04, 2022 8:09 am OP,

Any chance your rollover IRA at VG is of the old type? The newer brokerage type account has a settlement fund, any incoming fund will go straight to.

This is just a wild guess of mine. The old mutual fund accounts don't have a settlement fund, thus need a "purchase form" to go along as an instruction for where the money goes?

I really feel your pain. It shouldn't be this complicated.
Nope it's a brokerage account, but I could see how that could mess it up.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by passive101 »

retiredjg wrote: Tue Oct 04, 2022 7:28 am
passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
User avatar
retired@50
Posts: 12821
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by retired@50 »

passive101 wrote: Tue Oct 04, 2022 1:31 pm
retiredjg wrote: Tue Oct 04, 2022 7:28 am
passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
I wouldn't conclude that the check is "ruined" until you speak to someone at Vanguard. Tell them what happened. See what they say to do.

Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
User avatar
retiredjg
Posts: 54082
Joined: Thu Jan 10, 2008 11:56 am

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by retiredjg »

passive101 wrote: Tue Oct 04, 2022 1:31 pm Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
It seems to me you have two choices if Vanguard will not accept the check.

1. Start over. Get the check issued just exactly like Vanguard told them to in the first place. I believe you told us earlier that you were on that phone conversation. Was the check right or wrong? Or maybe you don't know for sure or remember exactly?

2. Have them issue a check written to you, not Vanguard. Tell them NOT to withhold any taxes. ( A 10% withholding is the default unless you give instructions otherwise. Withholding is not required for an IRA rollover.)

When you get the check, deposit it in your checking account and write Vanguard a check to deposit in your IRA, along with the proper paperwork indicating it is a 60 day rollover.

Your 60 days has not begun until you get a check made out to you.
cas
Posts: 2255
Joined: Wed Apr 26, 2017 8:41 am

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by cas »

Did you ever do the (online form at Vanguard) step in the rollover where you let Vanguard know the rollover is coming, and Vanguard generates a customized letter of instructions? This probably isn't absolutely required, but it has the advantage that it generates a customized letter of instructions for you and gives Vanguard a head's up on where the funds are supposed to go if the check from the employer plan doesn't match their instructions. My memory could be wrong, but I think there might have been a question in the process where it asked whether you already had a check in your hand. (I didn't.) To get to the relevant online form, start at vanguard.com main page -> What We Offer -> Rollovers

In any case, here is an excerpt from the letter of instructions that Vanguard gave me for a rollover from an employer plan that I just successfully did. Note that <My Name Rollover IRA> is the *exact* name of the IRA account I wanted the funds deposited into. (You can see this on your statement, on your online listing, etc. Mine happens to be titled as Rollover IRA. Yours might possibly be titled as Traditional IRA.) I have no idea if the addresses are generally viable or whether those were customized for my particular situation.

Since your check has just your name, rather than the name of the account, plus is (might be?) missing the Account #, I suspect the "contact us" instruction at the end of the letter would be highly advisable.

Action needed to complete your rollover request

[. . .]
  • Instruct your financial institution to make the rollover check payable to Vanguard FBO <My_Name Rollover IRA> and include your Vanguard account number <###..##> on the check. Then have the institution mail the check to one of the addresses listed below.

    Important: The name on the check must exactly match the name on your Vanguard IRA.
  • If your financial institution sends the check directly to you, you can use our mobile check deposit
    service offered through the Vanguard app. Or mail the check with the Vanguard account number to one
    of the addresses listed below.

    Vanguard
    P.O. Box 982901
    El Paso, TX 79998-2901

    For overnight, registered, or certified delivery, mail to:
    Vanguard
    5951 Luckett Court, Suite A1
    El Paso , TX 79932

    If you have questions or need assistance with your transfer, contact us.
Last edited by cas on Tue Oct 04, 2022 3:57 pm, edited 1 time in total.
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by beyou »

passive101 wrote: Tue Oct 04, 2022 1:31 pm
retiredjg wrote: Tue Oct 04, 2022 7:28 am
passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
Seems like a job for some whiteout !
Would they even see the former sig if scanned on the app ?
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by passive101 »

beyou wrote: Tue Oct 04, 2022 3:57 pm
passive101 wrote: Tue Oct 04, 2022 1:31 pm
retiredjg wrote: Tue Oct 04, 2022 7:28 am
passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
Seems like a job for some whiteout !
Would they even see the former sig if scanned on the app ?
I talked to Vanguard and they had me put the IRA account number onto the check. The app still won't accept it, so they stayed on the phone with me and they called the current IRA company. The IRA company is sending me another check made out to Vanguard and I'm not supposed to sign this one. Vanguard has no idea why the app isn't accepting the check. It doesn't sound like they think I'll have any better luck mailing them the check. So this check will be identical to the last one. If this doesn't work, I guess they will just send a check to me made out in my name and I'll have to figure out the paperwork with them and Vanguard to get it deposited correctly in my account.

Vanguard and the IRA company don't THINK this is a time limit for it having to be an early withdraw. I'm just going with it I guess. It will be another 7-12 days before I get the next check. Until then I guess I'm just out in limbo. :oops:
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by beyou »

passive101 wrote: Tue Oct 04, 2022 5:01 pm
beyou wrote: Tue Oct 04, 2022 3:57 pm
passive101 wrote: Tue Oct 04, 2022 1:31 pm
retiredjg wrote: Tue Oct 04, 2022 7:28 am
passive101 wrote: Mon Oct 03, 2022 9:36 pm [Merged into previous discussion - moderator oldcomputerguy]

After many months I received a check from the traditional IRA company that my employer transfered my 401k to.

They attached a letter from Vanguard saying why they refused the check. It looks like the company sent me the same check. It's made out to "VANGUARD FBO FIRST LAST NAME.

The check is dated 8/22/22

Can I use the Vanguard app to deposit the check? How do I sign the back of it?
The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
Seems like a job for some whiteout !
Would they even see the former sig if scanned on the app ?
I talked to Vanguard and they had me put the IRA account number onto the check. The app still won't accept it, so they stayed on the phone with me and they called the current IRA company. The IRA company is sending me another check made out to Vanguard and I'm not supposed to sign this one. Vanguard has no idea why the app isn't accepting the check. It doesn't sound like they think I'll have any better luck mailing them the check. So this check will be identical to the last one. If this doesn't work, I guess they will just send a check to me made out in my name and I'll have to figure out the paperwork with them and Vanguard to get it deposited correctly in my account.

Vanguard and the IRA company don't THINK this is a time limit for it having to be an early withdraw. I'm just going with it I guess. It will be another 7-12 days before I get the next check. Until then I guess I'm just out in limbo. :oops:
If I ever roll my 401k to an IRA, at this point I lean towards moving it to Fidelity. There is an office a few mins from my house, can walk over the big check. Shouldn’t be this hard to roll into an IRA. Fortunately I have a good 401k, no urgency to move anywhere. My taxable staying at Vanguard due to some proprietary funds I use, but Roth and T-IRAs I use vanilla funds I can buy anywhere. Why put up with this ?
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

In my case megacorp's plan is operated by fidelity so I can actually do electronic transfers to iras there should I need it.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by passive101 »

beyou wrote: Tue Oct 04, 2022 7:32 pm
passive101 wrote: Tue Oct 04, 2022 5:01 pm
beyou wrote: Tue Oct 04, 2022 3:57 pm
passive101 wrote: Tue Oct 04, 2022 1:31 pm
retiredjg wrote: Tue Oct 04, 2022 7:28 am The check is made out to Vanguard, not you. You cannot sign it. I doubt that you can deposit it by phone app.

My guess - Vanguard refused the check because it is supposed to be made out to Vanguard FBO First Last Name IRA # xxxxxxxxxxx .
Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
Seems like a job for some whiteout !
Would they even see the former sig if scanned on the app ?
I talked to Vanguard and they had me put the IRA account number onto the check. The app still won't accept it, so they stayed on the phone with me and they called the current IRA company. The IRA company is sending me another check made out to Vanguard and I'm not supposed to sign this one. Vanguard has no idea why the app isn't accepting the check. It doesn't sound like they think I'll have any better luck mailing them the check. So this check will be identical to the last one. If this doesn't work, I guess they will just send a check to me made out in my name and I'll have to figure out the paperwork with them and Vanguard to get it deposited correctly in my account.

Vanguard and the IRA company don't THINK this is a time limit for it having to be an early withdraw. I'm just going with it I guess. It will be another 7-12 days before I get the next check. Until then I guess I'm just out in limbo. :oops:
If I ever roll my 401k to an IRA, at this point I lean towards moving it to Fidelity. There is an office a few mins from my house, can walk over the big check. Shouldn’t be this hard to roll into an IRA. Fortunately I have a good 401k, no urgency to move anywhere. My taxable staying at Vanguard due to some proprietary funds I use, but Roth and T-IRAs I use vanilla funds I can buy anywhere. Why put up with this ?
When I opened a Roth IRA Vanguard was a highly recommended company. I also have been using all Vanguard funds so the automation and simplicity made sense at the time. My IRA is the only account I have at Vanguard. My taxable account is in Betterment for ease of automation and simplicity. I haven't had any issues with Betterment and plan to continue using them. Vanguard... I'm not certain if I'm going to stay with them or not. I only use 2 funds which are ETFs at other places, but they won't let me auto invest in them since. I don't want to have to login to put the money into them. If Fidelity ever makes a good VT competitor I will highly consider just moving away from Vanguard after all this.
User avatar
starboi
Posts: 605
Joined: Fri Apr 23, 2021 11:33 am

Re: Received check from Traditional IRA - How to deposit in Vanguard?

Post by starboi »

passive101 wrote: Wed Oct 05, 2022 10:46 pm
beyou wrote: Tue Oct 04, 2022 7:32 pm
passive101 wrote: Tue Oct 04, 2022 5:01 pm
beyou wrote: Tue Oct 04, 2022 3:57 pm
passive101 wrote: Tue Oct 04, 2022 1:31 pm

Okay so I have ruined this check by signing the back of it. I'll have to contact the IRA company. Tell them to cancel this check and then reissue a new one. I won't get the new check before the 30 or 60 day limit of when money was taken out. So should I just have them make a check out to my personal name and take it as an early distribution now?
Seems like a job for some whiteout !
Would they even see the former sig if scanned on the app ?
I talked to Vanguard and they had me put the IRA account number onto the check. The app still won't accept it, so they stayed on the phone with me and they called the current IRA company. The IRA company is sending me another check made out to Vanguard and I'm not supposed to sign this one. Vanguard has no idea why the app isn't accepting the check. It doesn't sound like they think I'll have any better luck mailing them the check. So this check will be identical to the last one. If this doesn't work, I guess they will just send a check to me made out in my name and I'll have to figure out the paperwork with them and Vanguard to get it deposited correctly in my account.

Vanguard and the IRA company don't THINK this is a time limit for it having to be an early withdraw. I'm just going with it I guess. It will be another 7-12 days before I get the next check. Until then I guess I'm just out in limbo. :oops:
If I ever roll my 401k to an IRA, at this point I lean towards moving it to Fidelity. There is an office a few mins from my house, can walk over the big check. Shouldn’t be this hard to roll into an IRA. Fortunately I have a good 401k, no urgency to move anywhere. My taxable staying at Vanguard due to some proprietary funds I use, but Roth and T-IRAs I use vanilla funds I can buy anywhere. Why put up with this ?
When I opened a Roth IRA Vanguard was a highly recommended company. I also have been using all Vanguard funds so the automation and simplicity made sense at the time. My IRA is the only account I have at Vanguard. My taxable account is in Betterment for ease of automation and simplicity. I haven't had any issues with Betterment and plan to continue using them. Vanguard... I'm not certain if I'm going to stay with them or not. I only use 2 funds which are ETFs at other places, but they won't let me auto invest in them since. I don't want to have to login to put the money into them. If Fidelity ever makes a good VT competitor I will highly consider just moving away from Vanguard after all this.
You can buy and hold VT with no commissions at Fidelity though.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

What paperwork do I need if a rollover is sent to me in my name?

Post by passive101 »

[Thread merged into here --admin LadyGeek]

My Vanguard drama continues. Latest check was still declined. I want to have this IRA company send me a check directly in my name. I was told to tell them to not take out any taxes. Then I'll deposit it into my checking account. Then send the money direct to my Vanguard account. If I do it this way, how does Vanguard know if it's pre or after tax? What paperwork do I need to do the rollover this way? Do I have to keep anything for my taxes if I do this?

Vanguard must have the worst customer service ever. I trust Walmart and drive through fast food employees handling my money more then these people :oops:
Silk McCue
Posts: 8951
Joined: Thu Feb 25, 2016 6:11 pm

Re: What paperwork do I need if a rollover is sent to me in my name?

Post by Silk McCue »

passive101 wrote: Wed Nov 16, 2022 3:05 pm My Vanguard drama continues. Latest check was still declined. I want to have this IRA company send me a check directly in my name. I was told to tell them to not take out any taxes. Then I'll deposit it into my checking account. Then send the money direct to my Vanguard account. If I do it this way, how does Vanguard know if it's pre or after tax? What paperwork do I need to do the rollover this way? Do I have to keep anything for my taxes if I do this?

Vanguard must have the worst customer service ever. I trust Walmart and drive through fast food employees handling my money more then these people :oops:
No idea what prior drama occurred, likely that no one else reading this does either and neither does it help us respond to you. I have no idea what “Latest check is declined” means.

Less emotion clearer facts will allow folks to help you.

Vanguard doesn’t need to know anything beyond where you direct the funds to go to. It is up to you to properly document the distribution and rollover on your tax return based upon the tax forms you receive.

Rants aren’t helpful for anyone and are just a severe distraction in this post.

You may want to edit your post top to bottom in case you need specific actionable advice.

Cheers
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: What paperwork do I need if a rollover is sent to me in my name?

Post by passive101 »

Silk McCue wrote: Wed Nov 16, 2022 4:19 pm
passive101 wrote: Wed Nov 16, 2022 3:05 pm My Vanguard drama continues. Latest check was still declined. I want to have this IRA company send me a check directly in my name. I was told to tell them to not take out any taxes. Then I'll deposit it into my checking account. Then send the money direct to my Vanguard account. If I do it this way, how does Vanguard know if it's pre or after tax? What paperwork do I need to do the rollover this way? Do I have to keep anything for my taxes if I do this?

Vanguard must have the worst customer service ever. I trust Walmart and drive through fast food employees handling my money more then these people :oops:
No idea what prior drama occurred, likely that no one else reading this does either and neither does it help us respond to you. I have no idea what “Latest check is declined” means.

Less emotion clearer facts will allow folks to help you.

Vanguard doesn’t need to know anything beyond where you direct the funds to go to. It is up to you to properly document the distribution and rollover on your tax return based upon the tax forms you receive.

Rants aren’t helpful for anyone and are just a severe distraction in this post.

You may want to edit your post top to bottom in case you need specific actionable advice.

Cheers
sorry. That is my bad. I've been trying to transfer money into Vanguard for over 9 months and they are still declining the checks. The IRA company and myself have sent them 4 checks now. I've given up. Their app won't accept them. The IRA company has mailed them twice. They sent me 2 checks. One I signed (which I shouldn't have). The 2nd was declined by their app. Then I mailed that one in and they said it was incorrect. The IRA company is telling me to open an IRA with literally anyone other then Vanguard at this point. Vanguard has spoke with them on a 3 way call twice to verify info is correct on the checks.

In the last thread people said the IRA company can just send me a check. I'm thinking about doing that or just cashing it out and never sending it to Vanguard at this point. It's only $996 dollars. They're charging me $10/month in fees so I've already lost almost $100 just waiting around for Vanguard to apparently prove to me that I need to move all my money out of their company before they go out of business FTX style or something.

Today I'm just wondering what steps I should do now. I'm no longer interested in opening new accounts. I already have several accounts open at different brokerages.

Original thread
viewtopic.php?t=382188
User avatar
ResearchMed
Posts: 16795
Joined: Fri Dec 26, 2008 10:25 pm

Re: What paperwork do I need if a rollover is sent to me in my name?

Post by ResearchMed »

iF this is a continuation of some other thread, you should have continued your comments there.

I've alerted a moderator to see if they think moving these posts there is a good idea.

It's not clear what is happening from these posts of yours. Why shouldn't you have signed something, for example? What "app" are you referring to?

If you have accounts a several brokerages, perhaps take the advice, at least for now, to move this money to somewhere else? And *then* see what you want to do?

Good luck!

RM
This signature is a placebo. You are in the control group.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: What paperwork do I need if a rollover is sent to me in my name?

Post by passive101 »

ResearchMed wrote: Wed Nov 16, 2022 5:46 pm iF this is a continuation of some other thread, you should have continued your comments there.

I've alerted a moderator to see if they think moving these posts there is a good idea.

It's not clear what is happening from these posts of yours. Why shouldn't you have signed something, for example? What "app" are you referring to?

If you have accounts a several brokerages, perhaps take the advice, at least for now, to move this money to somewhere else? And *then* see what you want to do?

Good luck!

RM
The vanguard app will not accept the checks to be deposited
Broken Man 1999
Posts: 8626
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, near Champa Bay !

Re: What paperwork do I need if a rollover is sent to me in my name?

Post by Broken Man 1999 »

Have you established an IRA at Vanguard?

When I rolled over 401ks to IRAs, I established a shell account.

Then I asked my 401k group to send me a check made out to The Vanguard Group, FBO (for benefit of) Broken Man 1999. When I received the check, I remailed it to Vanguard, with a letter stating to deposit it in the IRA I had opened, including the account number.

Now you say you are trying to deposit a check you received via the app. How EXACTLY is the check made out?

Have you established an IRA YET?

From Vanguard
How to deposit the check
If the check is payable to Vanguard FBO (name on your Vanguard IRA), don't endorse it. Just make sure it includes your Vanguard IRA account number.
If the check is payable to you, you'll need to endorse it over to Vanguard, indicate it's a rollover, and include your Vanguard IRA account number. Checks payable to you must be deposited within 60 days to avoid taxes and/or penalties. For more information, contact your tax advisor.
Use mobile check deposit. If you're an existing Vanguard client, you can use our mobile check deposit feature on the Vanguard app to deposit the check into your Vanguard IRA. You can also mail the check. Mobile deposit isn't available for managed accounts.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
User avatar
LadyGeek
Site Admin
Posts: 95686
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by LadyGeek »

passive101 - In order to provide appropriate advice, it's best to keep all the information in one spot. I merged your update back into the original thread. If you have any questions, ask them here.
ResearchMed wrote: Wed Nov 16, 2022 5:46 pm iF this is a continuation of some other thread, you should have continued your comments there.

I've alerted a moderator to see if they think moving these posts there is a good idea.
Alert received, thanks!
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by passive101 »

Yup. The IRA has been created months ago. The checks are made out to vanguard FBO my first and last name. They also have the account number on them that is correct.

I have talked to over 10 Vanguard reps who all say that info is correct. Yet they return the checks saying they are not. They just keep apologizing and saying next time they'll do it correctly and that the last Vanguard person screwed up. Incompetence all around at that place apparently.
drzzzzz
Posts: 1047
Joined: Sat Sep 22, 2012 9:56 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by drzzzzz »

Someone else gave you good advice - find another custodian for your IRA. I find the Vanguard app does not always recognize checks that I want to deposit - not sure why has happened with both handwritten checks and checks printed by another institution - very inconsistent so now I deposit these checks with Fidelity or my bank.
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

I wouldn't have put up with happening once let alone multiple times so I'd take the indirect rollover and go to somewhere else.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by passive101 »

placeholder wrote: Wed Nov 16, 2022 8:23 pm I wouldn't have put up with happening once let alone multiple times so I'd take the indirect rollover and go to somewhere else.
Indirect is when they just send me a check?

If I let them take taxes out of it can I deposit it in my Roth IRA directly?
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

passive101 wrote: Wed Nov 16, 2022 9:12 pm
placeholder wrote: Wed Nov 16, 2022 8:23 pm I wouldn't have put up with happening once let alone multiple times so I'd take the indirect rollover and go to somewhere else.
Indirect is when they just send me a check?

If I let them take taxes out of it can I deposit it in my Roth IRA directly?
Yes that's indirect but you don't need taxes taken out to deposit it.
Topic Author
passive101
Posts: 630
Joined: Tue May 05, 2020 2:47 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by passive101 »

placeholder wrote: Wed Nov 16, 2022 11:14 pm
passive101 wrote: Wed Nov 16, 2022 9:12 pm
placeholder wrote: Wed Nov 16, 2022 8:23 pm I wouldn't have put up with happening once let alone multiple times so I'd take the indirect rollover and go to somewhere else.
Indirect is when they just send me a check?

If I let them take taxes out of it can I deposit it in my Roth IRA directly?
Yes that's indirect but you don't need taxes taken out to deposit it.
But if they take the taxes out then I can put in a Roth IRA instead of a traditional IRA? It's currently in a traditional IRA.
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

passive101 wrote: Wed Nov 16, 2022 11:45 pm But if they take the taxes out then I can put in a Roth IRA instead of a traditional IRA? It's currently in a traditional IRA.
No the tax withholding is not required to roll into a roth however you will owe tax on any pretax amounts in the rollover.
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by beyou »

What firm is creating the checks (your 401k admin) ?
Just want to know in case others have same 401k, either to share how they resolved, or to avoid same if they have not yet rolled to an IRA.
HomeStretch
Posts: 11415
Joined: Thu Dec 27, 2018 2:06 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by HomeStretch »

Does the 401k provider offer IRAs? If yes, it may be easier to open an IRA with them, have them rollover the funds to an IRA and then have your brokerage of choice pull the IRA funds into your brokerage’s IRA. Usually IRA transfers can be initiated online and the funds are a direct trustee-to-trustee transfer.

Consider Fidelity rather than Vanguard.

Edit - I see the company 401k balance of <$1k was already rolled over by the company after you left to an IRA provider. Try Fidelity or take a distribution despite the small penalty.
Last edited by HomeStretch on Fri Nov 18, 2022 6:07 am, edited 1 time in total.
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

I thought this was coming from an ira not a 401k.
User avatar
Wiggums
Posts: 7050
Joined: Thu Jan 31, 2019 7:02 am

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by Wiggums »

passive101 wrote: Wed Nov 16, 2022 11:45 pm But if they take the taxes out then I can put in a Roth IRA instead of a traditional IRA? It's currently in a traditional IRA.
My wife transferred her 401k. The only option was for the plan administrator to mail a check directly to her broker. No taxes were withheld. The money was in her Fidelity account, five calendar days later.

If this is still an issue, you should get all the parties involved on a conference call. The broker just receives the money.
"I started with nothing and I still have most of it left."
User avatar
galawdawg
Posts: 5231
Joined: Thu Dec 14, 2017 11:59 am
Location: Georgia

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by galawdawg »

passive101 wrote: Wed Jul 20, 2022 1:17 am ...It's now been over 3 months total...Should I contact Vanguard again, or should I just open up another traditional IRA with a different company...
passive101 wrote: Wed Nov 16, 2022 6:41 pm I have talked to over 10 Vanguard reps who all say that info is correct. Yet they return the checks saying they are not. They just keep apologizing and saying next time they'll do it correctly and that the last Vanguard person screwed up. Incompetence all around at that place apparently.
So the saga continues after more than seven (7) months?? And you are still trying to give Vanguard your money?? Username fits! :wink:

Do you have a Schwab or Fidelity branch near you? If so, open the new IRA there and have the funds from your former employer sent to that brokerage. A direct custodian to custodian transfer would be best. However, if they send another check to you made payable to Schwab FBO passive101 (or Fidelity FBO passive101), just walk into the branch and they'll be happy to accept it and put the funds in your account. Done. :beer
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by beyou »

HomeStretch wrote: Thu Nov 17, 2022 5:32 am Does the 401k provider offer IRAs? If yes, it may be easier to open an IRA with them, have them rollover the funds to an IRA and then have your brokerage of choice pull the IRA funds into your brokerage’s IRA. Usually IRA transfers can be initiated online and the funds are a direct trustee-to-trustee transfer.

Consider Fidelity rather than Vanguard.
+1

Most 401k providers can quickly and easy create and rollover to a new rollover IRA. Then easy peasy to move anywhere, Vanguard or elsewhere if you are fed up. Just watch out for fees like acats to move to your preferred IRA custodian or fees to keep at your 401k provider. My 401k admin is Voya, and the fees there are ridiculous for an IRA, so I would go the route you are going, to get a check.

So who is your 401k admin/custodian ?
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Moving money from Company IRA to Vanguard now taking over 3 months. What are my options?

Post by placeholder »

My understanding is that the rollover from the 401k to an ira has happen just that it's one the 401k company opened for the op and now the goal is to transfer from that ira to vanguard but the op can clarify that if I have it wrong.
passive101 wrote: Wed Jul 20, 2022 1:17 am My last company 401k was a roth, but the company match was traditional. There was 1k that was transferred over to One America traditional IRA. I have been trying to transfer that over to Vanguard. The traditional IRA is already opened there.
Post Reply