I would appreciate any advice on a problem I am having for the past two days. My spouse and I have our personal IRAs which have been in CDs in a local bank maturing at the end of this month. We want to put them in an IRA account at our brokerage. However no one can tell us if this is considered a "Rollover" or a "Trustee to Trustee Transfer". It is important to know this because they are handled in different ways. The bank refuses to give me the checks with the institution's name FBO to our name. They insist if they give us a check it will have to be in our names and they will send in a 1099 and it can be a taxable event! They won't do the check made out to the other institution so it will be untaxable to us. I feel like a babbling idiot because I don't think this has to be as complicated as they are making it. Does anyone on here know what kind of distribution this will be if it is funds from one IRA going into another IRA at another institition? Has anyone been given an actual check from a bank etc. when you have had funds mature in a CD and want to take the check to a new bank or brokerage and open another IRA account?
As it stands now we have to go to the brokerage tomorrow and give them IRA statement copies and they will have to contact the bank's IRA center out of town and get the "Transfer" approved before they can actually do the Transfer. The CDs don't mature until the end of this month but we are told we need to get the request approved "before" it matures so it can go through in time allotted. All the different answers I am getting are making me bonkers so I thought I would try to get some input from any of you who have dealth with your own IRA Rollovers or Transfers. Is what we need to do really a "Trustee to Trustee Transfer" or a "Rollover"? Thanks for any info you can provide.