Yes! You can use AI to fill out Transfer Between Existing Fidelity Accounts

Users often attempt to use this form for transactions it's not designed for, such as Roth IRA conversions, direct rollovers from a 401k, or transfers from another firm. This happens because they overlook the specific limitations listed in the 'Helpful to Know' section. The consequence is an immediate rejection of the form, wasting time and delaying the intended financial transaction. To avoid this, carefully read the instructions at the top of the form to confirm it matches your specific transfer scenario before filling it out.

In Section 3, a frequent error is requesting a specific dollar amount of cash that is greater than the available 'core position' balance in the brokerage account. People often forget that proceeds from selling securities need 2 business days to settle before they are available for transfer. This mistake will cause the entire transfer request to be rejected, forcing the user to wait for settlement and resubmit the form. Always verify your available core balance online before submitting the form.

The form requires a Medallion signature guarantee for transfers over $19,000 between accounts with different owners, but this is often missed or misunderstood. Users may not know what it is or may substitute a notary stamp, which is not valid. Failure to provide the correct guarantee when required will halt the processing of the form until a properly guaranteed version is received, causing significant delays. To prevent this, identify if your transfer meets the criteria and visit a qualified financial institution like a bank or credit union to obtain the guarantee before submission.

In Sections 1 and 2, the owner names provided must be the exact legal registration on the accounts, including middle initials or trust designations. Users often write a shortened or informal version of their name. This can cause processing delays, and for IRA-to-IRA transfers where names must be identical, it will lead to rejection. Always reference an account statement to copy the owner name(s) precisely as they appear.

When choosing to transfer specific securities in Section 3, users may enter an incorrect CUSIP or ticker symbol, or fail to provide the required lot acquisition date and cost for specific share identification. This ambiguity can lead to the wrong shares being transferred or the request being put on hold for clarification. To avoid this, double-check all security identifiers and lot details on your account statements. AI-powered tools like Instafill.ai can help prevent these errors by validating data formats as you enter them.

In Section 4, when transferring between non-retirement accounts with different owners, the transfer defaults to a 'Gift' for tax purposes unless 'Non-Gift' is selected and a reason is provided. Users often overlook this, which can create unintended tax reporting obligations. If the transfer is not a gift, you must check the 'Non-Gift' box and write a clear explanation to ensure it is coded correctly, avoiding potential tax complications.

The signature requirements in Section 5 are nuanced; for a 'Mutual Fund Only' account, all owners must sign, while for other account types, only one signature may be needed. Users frequently miss the instruction requiring all owners to sign, leading to an incomplete form that cannot be processed. Always review the signature block instructions carefully to ensure all required parties have signed, especially if the transferring account has multiple owners.

When making an IRA contribution for the previous tax year in Section 4, it's crucial to specify that year. If the form is submitted after the tax-filing deadline, Fidelity will automatically apply it to the current year, which could result in an excess contribution if you've already maxed it out. Always double-check the contribution year and be mindful of tax deadlines to ensure your contribution is applied as intended.

A simple but common data entry error is mistyping the 'Transfer OUT OF' or 'Transfer INTO' account numbers in Sections 1 and 2. Transposing just two digits will cause the entire request to fail because Fidelity cannot identify the correct source or destination account. To avoid this, carefully copy the numbers from an account statement and then double-check them before submitting. Since this is a non-fillable PDF, using a tool like Instafill.ai can convert it to a fillable form and help validate numeric fields to reduce such errors.

When selecting a 'FULL transfer' in Section 3, the default action is to close the account. Users who want to transfer all assets but keep the account active for future use often forget to check the 'Do NOT close the account' box. This results in the unintended closure of their account, which can be inconvenient to reopen. If you plan to use the account again, be sure to explicitly check the box to keep it open.