Yes! You can use AI to fill out IRA Direct Rollover to QRP - American Century Investments
This form authorizes American Century Investments to perform a direct rollover from a Traditional, Rollover, SEP, SARSEP, or SIMPLE IRA to a qualified retirement plan (QRP) such as a 401(k). It is a crucial document for consolidating retirement assets into a new or existing employer-sponsored plan. Today, this form can be filled out quickly and accurately using AI-powered services like Instafill.ai, which can also convert non-fillable PDF versions into interactive fillable forms.
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Form specifications
| Form name: | IRA Direct Rollover to QRP - American Century Investments |
| Number of pages: | 1 |
| Language: | English |
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Follow these steps to fill out your CL-FRM-98449 form online using Instafill.ai:
- 1 Navigate to Instafill.ai and upload or select the American Century Investments IRA Direct Rollover to QRP form.
- 2 Provide your personal information in Section 1, including your name, Social Security number, and contact details.
- 3 In Section 2, indicate the specific IRA accounts to be distributed and specify whether it's a full or partial rollover amount.
- 4 Complete Section 3 to provide instructions for any Required Minimum Distributions (RMDs) and specify your federal and state tax withholding preferences.
- 5 Fill out Section 4 with the receiving institution's information, including the QRP plan name and number, as instructed by your new plan administrator.
- 6 Review all the information auto-filled by the AI for accuracy and completeness.
- 7 Electronically sign and date the form in Section 5 to certify your request and submit it according to the instructions provided.
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Frequently Asked Questions About Form CL-FRM-98449
This form is used to request a direct rollover of funds from your American Century Investments Traditional, Rollover, SEP, SARSEP, or SIMPLE IRA to a qualified retirement plan (QRP), such as a 401(k), at another financial institution.
You should complete this form if you are an American Century Investments account holder who wants to move money from an eligible IRA directly into a qualified retirement plan like a 401(k) or profit-sharing plan.
Before you fill out the form, you must contact the administrator of your qualified retirement plan (QRP) to confirm they will accept the rollover from your IRA. You also need to ask them how the rollover check should be made payable.
No, Roth IRAs are not eligible for a rollover to a QRP. This form cannot be used for Roth IRA assets, and any Roth money within a SEP, SARSEP, or SIMPLE IRA will be excluded from the rollover.
Yes, SIMPLE IRAs are subject to a two-year participation requirement. You must satisfy this two-year period before you are eligible to roll over funds from your SIMPLE IRA to another type of retirement plan.
RMD funds cannot be rolled over. In Section 3, you must either certify that you have already taken your RMD from another account or instruct American Century to distribute the RMD to you before processing the rollover.
In Section 2, you can either check a box to roll over all accounts of a specific type or list individual account numbers. For each account, you can specify a full distribution, a specific dollar amount, or a percentage.
You must provide the receiving institution's name, the QRP plan name, and the plan number in Section 4. Failure to provide the correct plan number may cause your request to be delayed or rejected.
The mailing address and fax number are listed on page 3 of the form. Be sure to use the correct contact information based on your investor type: Individual, Business Retirement, or Investors Using Advisors.
You are responsible for any tax consequences that may occur if the QRP rejects the rollover. Additionally, American Century Investments may charge a fee to issue a new check if the original is returned.
Generally, no tax is withheld on a direct rollover to another qualified plan. However, if you are taking an RMD as part of the transaction, you must provide withholding instructions for that specific distribution in Section 3.
Yes, services like Instafill.ai use AI to accurately auto-fill form fields with your personal information. This can help you complete the form faster and reduce the chance of errors.
You can use a service like Instafill.ai to complete the form online. Simply upload the PDF, and the platform will allow you to type your information directly into the fields before printing the completed form for signature.
If you have a non-fillable or 'flat' PDF, you can upload it to a tool like Instafill.ai. The service will automatically convert the document into an interactive, fillable form that you can easily complete on your computer.
Compliance CL-FRM-98449
Validation Checks by Instafill.ai
1
Validates U.S. Social Security Number Format
This check ensures that the U.S. Social Security number is entered in a valid format, such as XXX-XX-XXXX or a continuous 9-digit number. This is critical for correctly identifying the account owner for tax reporting purposes with the IRS. If the format is invalid, the submission cannot be processed, leading to delays and potential rejection.
2
Ensures Account Owner Name is Complete
This validation verifies that both the 'First name' and 'Last name' fields in Section 1 are filled out. A complete legal name is fundamental for identifying the account holder and processing the financial transaction correctly. An incomplete name would make the form legally insufficient and prevent the system from matching the request to the correct account.
3
Verifies Selection of a Distribution Method
This check confirms that the user has selected at least one distribution instruction in Section 2, whether it's for Traditional/Rollover IRAs (Part A) or SEP/SARSEP/SIMPLE IRAs (Part B). The form is meaningless without an instruction on which accounts to distribute. If no selection is made, the form must be rejected as it contains no actionable request.
4
Ensures Specificity for Partial Distributions
If a user chooses to roll over only specific accounts (a partial distribution), this check validates that they have provided at least one account number or Plan ID, along with either a dollar amount or a percentage. The form states that if no amount is indicated, 100% will be assumed, but this check prevents ambiguous requests where the user signals a partial distribution but provides no details. This ensures the user's intent is captured accurately.
5
Validates Exclusive Choice Between Amount and Percentage
For any single account or plan designated for a partial rollover, this check ensures that the user has entered either a dollar amount OR a percentage, but not both. Providing both values for the same account creates a conflicting and ambiguous instruction. The validation prevents this conflict, forcing the user to provide a clear, singular instruction for the distribution amount.
6
Confirms SIMPLE IRA Two-Year Rule Compliance
This validation checks if a SIMPLE IRA selected for rollover has met the mandatory two-year participation requirement mentioned on the form. Attempting to roll over funds from a SIMPLE IRA before this period can result in significant tax penalties. This system check is a crucial safeguard to protect the client from non-compliant transactions and associated financial consequences.
7
Verifies Exclusion of Ineligible Roth IRA Accounts
The form explicitly states that Roth IRAs are not eligible for rollover to a QRP. This check cross-references any provided account numbers against the system's records to ensure none of them are designated as Roth IRAs. This prevents the submission of an invalid request that would be rejected, saving time for both the client and the processing team.
8
Requires RMD Instruction for Age-Eligible Owners
If the system identifies the account owner as having reached the age for Required Minimum Distributions (RMDs), this validation ensures that either Option A or B in Section 3 has been selected. RMD funds cannot be rolled over, so this instruction is critical for tax compliance. Failure to provide this instruction would require manual follow-up or defaulting to an option the user may not have intended.
9
Validates Federal Withholding Rate Input
This check ensures that if a value is entered for federal tax withholding, it is a whole number between 0 and 100, inclusive. An invalid entry (e.g., a decimal, negative number, or number over 100) would cause a calculation error. This validation is important for accurate tax withholding on any RMD portion of the distribution.
10
Ensures Receiving Institution Details are Complete
This validation verifies that the 'Name of Receiving Financial Institution' and 'QRP Plan Name' fields in Section 4 are filled out. This information is essential for correctly issuing the rollover check to the proper recipient. Missing information would make it impossible to create the check, leading to rejection of the request and significant delays.
11
Checks for Presence of QRP Plan Number
The form explicitly warns that a request may be delayed or rejected if the 'QRP Plan Number' is left blank. This validation enforces that the field is filled, as it is often a critical identifier needed by the receiving institution to credit the funds to the correct participant account. This check helps prevent failed rollovers and returned checks.
12
Verifies Signature and Date are Provided
This is a critical check to ensure the 'Signature' and 'Date signed' fields in Section 5 are completed. A signature provides the legal authorization for the transaction, and the date establishes when the authorization was given. An unsigned or undated form is legally invalid and cannot be processed under any circumstances.
Common Mistakes in Completing CL-FRM-98449
Users often guess or abbreviate the name of the receiving financial institution or the qualified retirement plan (QRP). The form requires exact information, which must be obtained from the new plan's administrator beforehand. An incorrect payee name will cause the receiving institution to reject the rollover check, leading to significant delays and potential fees for re-issuing the check.
The form explicitly warns that leaving the 'QRP Plan Number' field blank may cause the request to be delayed or rejected. Many people skip this field, assuming the plan name is sufficient. Without this number, the receiving institution may be unable to credit the funds to the correct account, forcing the check to be returned and re-issued.
In Section 2, users might select a checkbox to 'Roll over all' of an IRA type while also providing a specific dollar amount or percentage for an account within that same type. These conflicting instructions make the form 'not in good order' (NIGO), forcing the financial institution to halt the process and contact the client for clarification. To avoid this, either choose a 'roll over all' option or specify partial amounts, but not both for the same set of accounts.
Account owners of RMD age often misunderstand that RMD funds cannot be rolled over and must be taken first. They may incorrectly select the option to proceed without the RMD, leading to tax penalties if the RMD is not satisfied for the year. To prevent this, confirm if your RMD has been taken; if not, select the option to have it distributed to you before the rollover and consult a tax advisor.
The form clearly states that Roth money is not eligible for a rollover to a QRP and that SIMPLE IRAs have a two-year waiting period. Users frequently overlook these rules and request a full rollover from an account containing these funds. This results in a partial or rejected transaction, leaving ineligible funds behind and requiring separate actions to move them.
When specifying a partial distribution, the form provides fields for a dollar amount 'OR' a percentage, but not both. Filling in both fields for the same account creates an ambiguous instruction that cannot be processed. This common data entry error will cause the form to be rejected until the user clarifies which instruction to follow. AI-powered form fillers like Instafill.ai can prevent this by allowing only one of the two fields to be completed.
A missing signature or date is one of the most common reasons for outright rejection of a financial form. Users often focus on the complex financial details and simply overlook the signature block on the final page. An unsigned form is legally invalid and will be returned, forcing the entire process to start over from the beginning.
The tax withholding instructions in Section 3 apply only to the RMD payment, not the much larger rollover amount. Users may mistakenly enter a withholding percentage thinking it applies to the entire rollover, or leave it blank and default to 10%, which may be inappropriate for their tax situation. This can result in an unexpected tax bill or a smaller-than-anticipated RMD check.
The form's default procedure is to mail the rollover check to the account owner's address of record, not directly to the new QRP. Users often assume the funds are transferred automatically and are not prepared to receive the physical check and forward it themselves. This can lead to lost checks and delays in completing the rollover, highlighting the importance of providing specific mailing instructions if direct mailing is an option.
The form has separate, distinct sections for 'Traditional and/or Rollover IRAs' (Section 2A) and 'SEP, SARSEP and/or SIMPLE IRAs' (Section 2B). A user with a SEP IRA might mistakenly fill out their account number in Section 2A. This mismatch between the account type on file and the instructions provided will cause the request to be rejected as NIGO. If the form is a non-fillable PDF, tools like Instafill.ai can convert it to an interactive version, making the section headers and instructions clearer.
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