To initiate an IRA withdrawal from your Ellevest account, click on Transfer Money at the top of your Ellevest dashboard on desktop and then select One-time transfer.
From the mobile app, you can choose Transfer and select One-time transfer.
Next, you’ll select which IRA account you want to withdraw from and click View Instructions.
If you want the funds to be transferred out of your IRA and into your linked bank account, you'll also need your linked bank account number.
Once you have your Folio account number and your linked bank account number ready, you’ll be prompted to securely complete and e-sign this form from Folio through DocuSign. Our Concierge team will then take care of liquidating the funds and submitting the request.
Please note that the IRS imposes penalties for early withdrawals from an IRA — you can visit the IRS website for more details.
Need help filling out the form? Here’s some more information.
- PART 1: IRA Account Holder Information — complete the “Account Owner” section and select the type of IRA you would like to withdraw from (traditional or Roth).
- PART 2: Type of Distribution — if you would like to withdraw funds from your IRA before age 59 ½, you’ll select “Premature Distribution” and leave page 2 blank.
- PART 3: Method of Distribution — select one option and fill in the information for that selection. (If you want the funds transferred to your linked bank account, you’ll select Electronic Funds Transfer and enter your full account number.)
- PART 4: Payment & Tax Withholding — indicate if you would like a partial distribution (and how much) or a total distribution of your IRA. Also indicate how much you’d like to be withheld for Federal and State Income Tax Withholding. (Taxes cannot be withheld from Roth IRAs; you already paid taxes on that.)
PART 5: Authorization and Signature — sign and you’re done!