How to Fill Out and Submit the Wells Fargo IRA Distribution Form

The Wells Fargo IRA distribution form is the single packet you complete to withdraw money from a Traditional, Roth, SEP, SIMPLE, or Inherited IRA held at Wells Fargo. You can download it from the WellsTrade Applications and Forms page on the Wells Fargo website or pick up a copy at any retail branch.¹ It asks for your account details, the reason for the withdrawal, the amount, where to send the money, and how much tax to withhold. Once signed, you return it by mail, fax, or in person at a branch.

What to Gather Before You Start

Have these on hand:

Your Wells Fargo IRA account number, exactly as it appears on your statements.
Your Social Security number.
The IRA type. If you’re unsure, check a recent statement or your online dashboard. The form asks you to specify Traditional, Roth, SEP, SIMPLE, or Inherited, and picking the wrong box can delay processing.
Routing and account numbers for the receiving bank, if you want the money sent electronically rather than by check.

For questions while you fill it out, Wells Fargo’s IRA line is 1-866-281-7436, Monday through Friday, 8 a.m. to midnight Eastern Time.²

Filling Out the Form Section by Section

Account and Personal Information

Enter your full name, Social Security number, and IRA account number exactly as they appear on your Wells Fargo statements. Check the box for the IRA type. A SEP-IRA is a type of Traditional IRA for tax purposes, but the form still asks you to distinguish between the two because the reporting codes differ.³ A transposed digit in the account number can bounce the request or pull from the wrong account, so verify it twice.

Reason for Distribution

The reason you select determines the distribution code Wells Fargo reports to the IRS on your Form 1099-R, and it directly affects whether you owe a 10% early withdrawal penalty.⁴ Common choices:

Normal distribution. You’re 59½ or older. Reported with Code 7.
Early distribution. You’re under 59½. Reported with Code 1, or Code 2 if an exception applies.
Required Minimum Distribution. You’ve reached the age when the IRS requires annual withdrawals: 73 for anyone born between 1951 and 1959, and 75 for those born in 1960 or later.⁵
Disability. You’re permanently and totally disabled. Reported with Code 3.
Death distribution. You’re a beneficiary withdrawing from a deceased owner’s IRA. Reported with Code 4.

Pick carefully. Custodians often default to Code 1 when they don’t know the reason behind an early withdrawal, so if you qualify for an exception but Wells Fargo doesn’t code it that way, you claim the exception yourself by filing IRS Form 5329 with your tax return.⁶

Distribution Amount and Frequency

Specify how much you want and how often. Options include a one-time lump sum, a partial withdrawal for a specific dollar amount, a full liquidation, or recurring periodic payments (monthly, quarterly, annually). For an RMD, you can check the box that tells Wells Fargo to calculate the required amount for you based on your account balance and age.

You also choose whether the figure you entered is gross (before withholding) or net (what you actually want to land in your bank account). This matters. Request $10,000 gross with 10% federal withholding and you receive $9,000. Request $10,000 net and Wells Fargo pulls roughly $11,111 from the IRA so that $10,000 arrives after withholding.

Payment Method

The form gives you several delivery options:

ACH or direct deposit. Provide the receiving bank’s routing number and your account number. Usually the fastest option.
Check. Mailed to the address on file. Add several days for postal delivery.
Wire transfer. Same-day or next-day delivery. The form has a separate section for the receiving bank’s ABA routing number, SWIFT code for international wires, and the account holder’s name. Wells Fargo may charge a wire fee.
Internal journal. Moves funds into a non-IRA Wells Fargo brokerage account you already own.

Verify routing and account numbers twice. Recovering a misdirected electronic transfer is harder than checking before you submit.

Federal Tax Withholding

Federal law sets a default 10% income tax withholding on IRA distributions.⁷ The withholding section of the form mirrors IRS Form W-4R and lets you enter any whole percentage from 0% to 100%.⁸ Entering 0% means no federal tax comes out at distribution, but you’ll still owe income tax on the amount when you file. Leave the section blank without making any election and Wells Fargo withholds the default 10%.

Two situations block you from electing less than 10%. First, if the distribution will be sent to an address outside the United States. Second, if you haven’t provided a valid Social Security number, in which case 10% withholding is mandatory regardless of what you request.⁸

State Tax Withholding

Below the federal section is a line for state income tax. Some states let you opt out; others don’t. About a dozen states require mandatory withholding on retirement distributions when federal tax is also withheld, with rates that generally run from roughly 4% to 8%. States with no income tax (Texas, Florida, Nevada, and others) have no withholding. If you live in a mandatory-withholding state and leave the state section blank, Wells Fargo applies your state’s required rate automatically.

Signature

Sign and date at the bottom. The signature confirms the information is accurate and that you understand the tax consequences. For an inherited IRA, the beneficiary signs rather than the deceased account owner’s estate, unless a court-appointed representative is acting on behalf of the estate.

Situations That Change What You Enter

Under 59½

Taking money out of a Traditional, SEP, or SIMPLE IRA before 59½ triggers a 10% additional tax on top of regular income tax. For a SIMPLE IRA, the penalty jumps to 25% if the distribution happens within the first two years of participation in the plan.⁶ Roth IRA contributions (not earnings) can be withdrawn at any time without penalty because tax was already paid on that money.

The IRS recognizes several exceptions that eliminate the 10% penalty, including disability, a first-time home purchase up to $10,000, higher education expenses, unreimbursed medical expenses above 7.5% of AGI, health insurance premiums while unemployed, substantially equal periodic payments, birth or adoption up to $5,000 per child, federally declared disasters, domestic abuse, IRS levy, and qualified military reservist call-ups.⁶ If your situation matches one of these but Wells Fargo reports the distribution with Code 1, file Form 5329 with your return to claim the exception.

Taking the Money Out to Roll It Over

If you’re pulling funds intending to move them into another IRA or retirement plan (an indirect rollover), you have 60 days from the date you receive the funds to deposit them into the new account. Miss that window and the whole amount becomes taxable income, plus the 10% penalty if you’re under 59½.⁹

You’re also capped at one indirect IRA-to-IRA rollover in any 12-month period, and the limit aggregates all your IRAs (Traditional, Roth, SEP, and SIMPLE) as if they were one account.⁹ Break that rule and the second rollover amount becomes gross income and may be treated as an excess contribution subject to a 6% penalty each year it stays in the receiving IRA. Trustee-to-trustee transfers, where the money moves directly between custodians without passing through your hands, don’t count against the one-per-year limit and are the safer route for simply moving an IRA between institutions.

Inherited IRAs

If you inherited a Wells Fargo IRA from someone who died in 2020 or later, your options depend on your relationship to the original owner. Surviving spouses have the most flexibility: treat the IRA as their own, roll it into an existing IRA, or remain a beneficiary and take distributions over their own life expectancy.¹⁰

Most other designated beneficiaries fall under the 10-year rule. The inherited IRA must be emptied by December 31 of the 10th year following the year the original owner died.¹⁰ Withdrawals during that decade can be any combination you choose, as long as the balance hits zero by the deadline.

On the form, select Death as the reason and indicate you’re the beneficiary. The account should already be retitled as an inherited IRA. If it hasn’t been, call 1-866-281-7436 to have that done before you submit a distribution request.²

How to Submit the Form

You have three ways to get the form to Wells Fargo:

Mail. Send it to Wells Fargo Advisors, Attention: MAC N9160-01P, PO Box 77046, Minneapolis, MN 55480-9902. Certified mail with tracking is worth the small extra cost.¹
Fax. 1-844-879-1439. Keep the transmission confirmation as your receipt.¹
In person. Bring the form to a branch. A representative can review it on the spot and verify your identity, which can catch missing information before it becomes a rejection.

Fax tends to be the fastest option for people who don’t live near a branch. Keep a signed copy of whatever you send.

After You Submit

Wells Fargo’s retirement team reviews the form for completeness: signature, valid account number, a selected distribution reason, and a withholding election. If something’s missing, they’ll contact you, which pauses the clock. The usual culprits are a missing signature, a completely blank withholding section with no clear election, or an account number that doesn’t match the name on file.

After approval, the money moves through whichever channel you chose. ACH generally settles within a few business days. Wires often arrive the same or next business day. Checks take longer because of mail time. You can check status through your online account or by calling the IRA line.

At year-end, Wells Fargo sends Form 1099-R showing the gross amount distributed, the taxable amount, federal and state tax withheld, and the distribution code in Box 7.¹¹ You need it when you file. If the code doesn’t reflect an exception you qualify for, file Form 5329 to claim the exception and avoid the early withdrawal penalty.

1
Wells Fargo. WellsTrade Applications and Forms
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Wells Fargo. Wells Fargo Customer Service Contact Us Numbers
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Internal Revenue Service. Retirement Plans FAQs Regarding SEPs
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Internal Revenue Service. 2025 Instructions for Forms 1099-R and 5498
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Congress.gov. Required Minimum Distribution (RMD) Rules for Original Owners
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Internal Revenue Service. Retirement Topics – Exceptions to Tax on Early Distributions
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Office of the Law Revision Counsel. 26 USC 3405 – Special Rules for Pensions, Annuities, and Certain Other Deferred Income
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Internal Revenue Service. 2026 Form W-4R
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Internal Revenue Service. Rollovers of Retirement Plan and IRA Distributions
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Internal Revenue Service. Retirement Topics – Beneficiary
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Internal Revenue Service. About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.