How do I rollover my existing 401k into my Carry Solo 401k?
If you have a 401k plan or IRA from your previous employer that you would like to rollover, follow these steps to bring it over to Carry!
Step 1: Open your Carry Solo 401k Pre-Tax and/or Roth account
The first step is to open the underlying Pre-Tax and/or Roth Solo 401k account(s) that you want your rollover funds to land in.
From your Home page, click into your Solo 401k:
Then, scroll down to Accounts and click Open Account next to the account type(s) you'd like to open:
Step 2: Select "Transfer or Withdraw"
Once your underlying Solo 401k Pre-Tax and/or Roth accounts are open, you can click Transfer or Withdraw to begin your rollover.
Step 3: Select "Rollover to Carry"
Step 4: Tell us about the funds you're bringing over, and where they need to go
We'll need to know the following information:
The amount you're rolling over (this can be an approximation)
The type of account the funds are currently sitting in
Which type of account the funds should land in (your Carry Pre-Tax or Roth Solo 401k)
Step 5: Let us know if you'd like to rollover your funds via Wire or Check
Generally, wire rollovers will complete faster than check rollovers, as checks have to get mailed, delivered, and processed.
Step 6: Get the Wire or Check instruction to give your current provider
On the next screen you'll be able to get the wire or check instructions to give to your current provider to send your funds over. Please note these instructions somewhere, or take a screenshot to keep the information.
Step 7: Select "Finish" to complete this flow
If you are rolling over multiple accounts, repeat the previous steps to get instructions for each account you're rolling over.
Step 8: Give the Wire or Check instructions to your current provider to have them initiate the rollover
When you give your provider these instructions, you'll also want to confirm whether they require any transfer paperwork (such as a Letter of Acceptance or Transfer of Assets form) to process the rollover(s).
If this paperwork is required, reach out to us at support@carry.com to let us know, and we'll work with you to generate and send it over to your provider!
How long do rollovers take?
Rollovers typically take several weeks to complete, depending on if transfer paperwork is required and if funds are sent by mail/check.
If you've given the wire or check instructions to your current provider and do not see any movement in your account over the next 1-2 weeks, we recommend reaching out to your provider directly to understand why, and if there's any blockers. Unfortunately, Carry is not able to inquire on the rollover status with the sending custodian on your behalf.
If you have any other questions, feel free to reach out to support@carry.com and a member of the team will get back to you as soon as we can.