How Do I Transfer an IRA or Education Savings Account (ESA) to Homestead?
It’s easy to transfer an IRA or ESA from another institution to an existing Homestead Funds IRA or ESA. The IRA type and registration of the IRA being transferred must match the IRA type and registration of the Homestead Funds IRA. Likewise, the registration of the ESA being transferred must match the account registration of the Homestead Funds ESA. If you do not have an existing Homestead Funds IRA or ESA, you may open an account online or by completing the IRA Account Application or Education Savings Account (ESA) Application prior to initiating the transfer.
- The transfer is initiated by completing the IRA and ESA Transfer Form. The form should be mailed to the address on the form.
- Please check with the current account custodian prior to submitting the IRA and ESA Transfer Form, as it may require that your signature on the form be Medallion Signature Guaranteed.
- Transfers often take several weeks from the date your completed paperwork has been received. Time frames depend on how quickly the releasing account custodian transfers the assets.
Contact Homestead Funds if you have questions regarding transfer requirements.
How Do I Transfer a Regular Account to Homestead?
You may transfer a regular account to Homestead Funds. The account type and registration of the account being transferred must match the account type and registration of the Homestead Funds account. If you do not have an existing Homestead Funds account, you may open one online or by completing the appropriate application prior to initiating the transfer.
- Start the transfer by completing the Regular Account Transfer Form. The form should be mailed to the address on the form.
- Please check with your current financial institution prior to submitting the Transfer Form as they may require that your signature on the form be Medallion Signature Guaranteed.
- Transfers often take several weeks from the date we receive your completed paperwork. Time frames depend on how quickly the releasing financial institution transfers the assets.
- Regular account transfers are often taxable events. Please check with your current financial institution to understand the tax implications.
Contact Homestead Funds if you have questions regarding transfer requirements.
Quick Note:
When you transfer shares to a new Homestead account, the account type and registration of the account being transferred must match the account type and registration of the Homestead Funds account.
How Do I Roll Over an NRECA Retirement Account?
You may roll over an NRECA 401(k) or Retirement Security Plan to an existing Homestead Funds IRA.
- If you are rolling over to an existing IRA account, you will need to submit an IRA Rollover Form so we will have purchase instructions on file when the rollover check is received.
- If you are rolling over to a new IRA account, you will first need to open an IRA account online or by completing the IRA Account Application. We will invest your rollover check according to the allocation instructions you provide when opening the account.
- Contact NRECA to request your 401(k) or Retirement Security Plan forms. If NRECA requires that Homestead Funds signs your paperwork prior to the rollover, you may mail the page to be signed along with a Transaction Request Form.
- You must complete the NRECA page with your account number since we cannot sign a blank page.
- The Transaction Request Form should explain what is to be signed, the address or fax number to return the completed paperwork to, and your signature.
- It can take up to 10 business days after receipt of the paperwork to sign the form.
- Mail all documents together to the address on the form.
Contact Homestead Funds if you have questions regarding the rollover requirements or if you need to discuss options to have the NRECA paperwork signed faster.
How Do I Convert My Traditional IRA to a Roth IRA?
You can convert your Homestead Funds Traditional IRA to an existing Homestead Funds Roth IRA. Please be aware that you’ll owe taxes on any pretax Traditional IRA contributions that you convert. Conversion instructions must be received in good order by the last business day of the year the conversion is to occur.
Conversion instructions must be received in writing, signed by the shareholder. State specifically that you are requesting a conversion of assets from your Traditional IRA to your Roth IRA, the fund names and account numbers, the amount you would like to convert from each fund and account, and the amount you would like to have withheld for federal income tax. Tax withholding can be specified as a dollar amount or percentage, as long as the amount is not lower than 10% of the conversion. If you do not want income tax withheld, you may indicate to withhold 0%. If you do not specify tax withholding, 10% will be withheld as a default.
To request a conversion, mail a IRA Roth Conversion Form to the address on the form.
Quick Note:
Traditional-to-Roth-IRA conversion instructions must be received by the last business day of the year the conversion is to occur.
Homestead Funds does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance. Call us at 800.258.3030 if you have questions regarding the conversion requirements.