Are there fees that occur with a conversion?
Yes, there is a $75 fee for conversions. This fee will be charged to a credit card on file, which must be added via the Manage Payment Methods section of your dashboard before the conversion takes place.
How will the fee be charged?
The $75 fee will be charged to a credit card on file, which must be added via the Manage Payment Methods section of your dashboard before the conversion takes place.
How long does the conversion process take?
The conversion process will typically take around 1-3 business days from signing the conversion form.
When is a conversion necessary?
A conversion is never required, but it is necessary if you are moving pre-tax funds (i.e., Traditional, SEP, or Simple) into a post-tax Roth IRA.
Can I do a partial conversion?
You can do a partial or full conversion of your account. There is no minimum or maximum.
Can I convert my funds in-kind (in crypto or gold/silver)?
Yes, when submitting your request, please provide the exact quantity of assets you like to be converted in-kind, including crypto and/or gold and silver.
How would I request a conversion?
If you are transferring or rolling over a pre-tax account into an iTrustCapital Roth IRA, the conversion process will start once you complete your account application. If you have a Pre-taxed account with iTrustCapital and want to convert it into your Roth IRA, please submit a request under "Conversion Request". After submitting your request, a representative will reach out with more information on how to proceed with the conversion.
Are there tax penalties when converting an account?
You may be subject to a tax penalty while converting; please speak with your CPA or tax advisor on the details of the conversion process.
Can I convert my inherited IRA?
No, converting an inherited IRA is not possible unless you are inheriting from a deceased spouse. Once you move your spouse's account into your personal IRA, then you can convert it into a Roth IRA.
**Disclaimer - This article is for information purposes only. Suitability questions should be directed at your tax or financial professional.