Yes! You can use AI to fill out Direct Rollover Request (Form 2214)

The form requires both the participant's and the Plan Sponsor's signatures, but applicants frequently miss one or both. Furthermore, a notarized signature is required if contact information was recently updated, a rule that is easily overlooked. Missing signatures or notarization will cause the form to be rejected immediately, halting the entire rollover process until a correctly completed form is resubmitted.

In Section 6, applicants often provide an incomplete name, address, or account number for the receiving financial institution. This happens when they don't have the precise payee details for rollover checks readily available. This error guarantees a processing delay, as the check cannot be issued correctly and may be rejected by the receiving institution, requiring the form to be resubmitted.

Section 4 is complex, and users often make contradictory selections, such as checking 'Full Rollover' while also specifying a partial dollar amount. This ambiguity makes it impossible for the processor to know the user's intent, leading to the form being returned for clarification. To avoid this, carefully select only one option in either part A or B and fill out only the fields that correspond to that single choice.

Participants with an outstanding loan often skip Section 7, not realizing the consequences. If the box to continue repayments is not checked, the entire loan balance is automatically defaulted and treated as a taxable distribution. This can result in a significant and unexpected tax bill, including a 10% early withdrawal penalty, which could have been easily avoided by making a selection.

The form repeatedly warns that all pages, especially the multi-page 'Signature & Agreement' section, must be returned. Applicants sometimes only send back the pages they filled out, assuming the others are just instructions. Submitting an incomplete packet will lead to an automatic rejection and require the entire process to be started over, significantly delaying the transaction.

Applicants often misinterpret the Direct Deposit section on page 6, thinking it applies to the rollover funds when it is only for a cash distribution. They may also fail to attach a compliant document, like a pre-printed voided check, or provide bank details that don't match the name and address in Section 1. These errors cause the direct deposit to fail, resulting in a paper check being mailed instead, which delays receipt of funds.

The tax implications between a Traditional IRA and a Roth IRA rollover in Section 3 are often misunderstood, potentially leading to an unexpected tax event. Users also frequently miss the requirement for a 'Letter of Acceptance' when rolling Roth funds to another employer's plan. Choosing the wrong option or failing to provide required documentation will cause processing delays or future tax complications.

In Section 5, many people do not understand the choice between having taxes deducted from the requested amount (net) or having the withdrawal increased to cover the taxes (gross). Failing to select a box defaults the request to a 'net' distribution, which can result in receiving a smaller check than anticipated. This misunderstanding can disrupt financial planning by providing less cash than expected.

The participant is responsible for getting the Plan Sponsor's signature, but they often fail to check that the sponsor also filled in the required termination date, retirement date, and vesting percentage. Without this data, Transamerica cannot verify eligibility or calculate the correct amount, causing the form to be rejected. Participants should review the form after the Plan Sponsor signs it to ensure all fields in that section are complete before submission.

The form specifies MM/DD/YYYY for the date of birth, but applicants often use other conventions like DD/MM/YYYY or write out the month. This simple data entry error can cause identity verification to fail within the processing system, leading to delays and requests for corrected information. AI-powered form filling tools like Instafill.ai can prevent this by automatically validating and formatting dates correctly, and can also convert flat PDFs like this one into fillable versions.