IRA or SEP IRA Conversion to Roth IRA

1. Check with a tax or financial advisor to make sure that you are eligible to do a conversion, and that you are prepared to pay income tax on any converted amount.
2. Complete PENSCO Trust's Roth IRA Application.

3. Complete PENSCO Trust's self-directed IRA Roth Conversion Request Form, providing us with all the pertinent information about the account from which you would like to convert funds.

   a) When completing the PENSCO Trust Roth Conversion Request Form, if you are not converting the entire account balance, make sure to request a transfer of at least $500-$1000 over the projected amount of your initial investment in order to satisfy our minimum cash balance requirement. Additionally, you may want to leave extra cash in the self-directed IRA to cover your account's maintenance fee.

   b) Make sure to indicate on the PENSCO Trust Roth Conversion Request Form that you are liquidating and converting the funds as cash.

4. Mail the following to PENSCO Trust:

   a) Roth Application Form (original)

   b) Roth Conversion Request Form (original)

   c) A Recent Statement (a copy is acceptable) for the account from which you are transferring funds.

5. Contact your current IRA custodian (the one from which you are converting funds), and request that they liquidate the amount to be transferred so that liquid funds will be ready upon receipt of our Roth Conversion Request Form.
6. Make at least one follow-up call to your current transferring custodian once they have received the Roth Conversion Request Form from us. (You must send the Roth Conversion Request Form to PENSCO Trust; we then send it to your relinquishing custodian on your behalf.) Calling to confirm that they have received and are processing your request helps avoid any miscommunication or delay. It will also give you a better sense of what sort of turnaround time to expect.