Archives: FAQs

How long does an IRA-to-IRA transfer take?

Depending on your delivery process selection, Madison Trust will submit your transfer request to your current custodian within 3-4 days (standard processing) or 1-2 days (expedited processing). The timing of when we will receive your transfer is then dictated by your current custodian’s processing times and procedures. Please feel free to reach out to them […]

Do I have to report an IRA transfer on my taxes?

Since the money moves directly between custodians and is never placed in the accountholder’s hands, a transfer and direct rollover are non-taxable and non-reportable transactions. However, an indirect rollover should be reported on your federal tax return. This is because you will be receiving the funds as a distribution before placing them into your other […]

Can you transfer an IRA at any time?

Yes. A transfer is non-reportable and can be done an unlimited number of times during the year. However, if you are completing an indirect rollover, that can only be done once in a 12-month period and is reportable on the federal tax return.

Can I transfer my Traditional IRA to a Roth IRA?

No, you cannot directly transfer Traditional IRA funds at one institution to a Roth IRA at another firm. A Traditional IRA can be transferred into another Traditional IRA or SEP IRA. A Roth IRA can only be transferred to another Roth IRA. Click here for the IRS’s Rollover Chart. However, there is the option to […]

Why did my transfer get rejected?

A transfer may be rejected for various reasons. Some common reasons for rejection include having to liquidate assets to free up cash to transfer or needing to provide a Medallion Signature Guarantee or an ink signature. You may have also entered an incorrect account number on the Transfer Authorization Form or have incompatible account types. […]

How do I update my credit card information?

Please contact our support team at 800-721-4900 to update your credit card information.

What payment methods does Madison accept for custodial and transaction fees?

Credit Card Auto-deduct from your Madison account

What is Madison’s minimum cash balance?

The minimum cash balance is $500 which may be paid as follows: Personal Check (non-IRA deposit) Credit Card (a $25 administrative fee will apply) Deduction of $500 from your IRA funds The minimum balance is not a cost to you. Madison will only deduct funds from the $500 minimum for quarterly fees if an accountholder […]

When will I be charged my quarterly fee?

The $95 fee will be charged when you sign up for an account, and then quarterly as follows: January 1st – $95April 1st – $95July 1st – $95October 1st – $95

What is Madison’s quarterly custodial fee?

The quarterly custodial fee is $95 (this includes the first asset). The custodial fee for additional assets is $25 per quarter. To learn more about our flat-rate model vs. the asset-based model used by other custodians, please click here: Pricing Model. Please click here to view our complete Fee Schedule.