Use this article to learn how to transfer or roll over funds from another retirement account into your Gusto Individual Retirement Account (IRA).
If you have other IRAs or eligible retirement plans, you may be able to move those funds into your Gusto IRA. Before starting, make sure you have an open Gusto IRA account.¹
Note: Learn which types of retirement accounts are eligible for a rollover.
We currently only accept rollovers and transfers by check. We cannot accept wire transfers, ACH transfers, or in-kind rollovers where investments are not liquidated before being moved.
You'll need to work with both Gusto Retirement and your previous provider to complete the process.
To start a rollover or transfer, choose the path that matches how you signed in, then follow the steps.
Sign in to Gusto and go to Benefits > Active Benefits > 401(k) > Manage.
Go to the Move money tab and select Move money in.
Select IRA transfer or rollover.
Enter the requested details, including the type of account you're moving funds from and to, your previous provider, and the amount you want to roll over.
Select Submit and continue.
Sign in directly at the Gusto Retirement sign-in page.
Select Money movement in the main navigation, then select Move money in.
Select IRA transfer or rollover.
Enter the requested details, including the type of account you're moving funds from and to, your previous provider, and the amount you want to roll over.
Select Submit and continue.
Note: If any details change, you can edit them later (go to Money movement and select Activity).
Once you submit the request, select View instructions to see how to request the rollover from your previous provider, how to make out the check, where to send it, and what timeline to expect. We'll also email you a confirmation and a copy of the rollover instructions.
Next, contact your previous provider (online or through their Customer support) to request a release of funds by check.
You have two options for how the check is made out. Each option has different implications for tax withholding and reporting.
Option 1: Check made payable to Gusto (recommended)
You can request that your previous provider make the check payable to Gusto and send it directly to our custodian. This is considered a trustee-to-trustee transfer, even if the check is mailed to you. There will be no tax withholding and no Form 1099-R issued.
Option 2: Check made payable to you
You may also request that the check be made payable to you or deposited into your personal bank account. Keep in mind that these rollovers have strict time constraints and additional steps. You may also elect tax withholding, which means you'll get a Form 1099-R.
When working with your previous provider, share the following information.
Make the check payable to “BTC for Gusto FBO [your full name].” This stands for Benefit Trust Company (BTC) for Gusto for the benefit of [your full name]. BTC is the custodian where all Gusto IRA funds are held.
Add your account ID on the memo line, the payable line, or in an attached check stub or statement. If you do not include your account ID, processing may be delayed, or the check may be rejected and returned.
Send checks directly to our custodian, Benefit Trust Company, at the address listed in your rollover instructions. To find the address, check the confirmation email you got when you initiated the request, or go to Activity, select your inbound transfer, and click View instructions.
Important: Do not mail checks directly to Gusto. Checks sent to the wrong address will require rerouting and may take significantly longer to process.
Make a copy for your records, then mail the check and all supporting documents to the custodian at the address in the instructions. Do not endorse or sign the check before mailing it.
Here's what to expect after your check is mailed:
Mail delivery: Typically 7–10 business days via USPS to reach the custodian
Receipt confirmation: We'll notify you by email within 5–7 business days once BTC receives your check
Funds available: Approximately 5–7 business days after the check is received
Once the rollover is complete, funds will appear in your dashboard under Transactions.
Note: Processing may take longer if the required information is missing from your check.
¹ This is for informational purposes only. It should not be used as a substitute for specific tax, legal, and/or financial advice. You are advised to consult a qualified financial adviser or tax professional for further details and guidance specific to your situation.