How hard is it to transfer your Roth IRA around? I have a Roth IRA at Scotttrade and would like either to transfer it to TradeKing or Sogo. To transfer it (it's cash balance now) do you incur charges for outgoing from Scottrade or incoming to TradeKing/Sogo?
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Actually for a ira-ira rollover(think legal term is indirect transfer) it's fine to get a check paid to you, you have 60 days to roll it over into another ira to avoid any penalty. AFAIK the rules for withholding, etc. apply to company pensions and 401k style plans.
In practice one could get 45 days or so interest out of one's ira money each year and still maintain the ira.
Note - scottrade is one of the few(sogo sound like another) with no ira close/withdrawal fee. I would hate to transfer from scottrade to somewhere else that tries to trap me with a fee.
I'm in the process of transferring to my Roth to thinkorswim/Penson. Lots of paperwork to read, fax, and mail, but there's not much to write. It takes 7-10 business days (at least for thinkatswim) for the ACAT. They'll reimburse my outgoing ACATs from my multiple Roths to a single Roth at at thinkorswim up to $100 total.
I'm transferring only in cash/money market funds. I don't have the stomach for securities to be locked up for 7-10 business days in the transfer process because I like to swing trade in volatile stock.
MoreMonies said:I'm transferring only in cash/money market funds. I don't have the stomach for securities to be locked up for 7-10 business days in the transfer process because I like to swing trade in volatile stock. That is good because you cannot transfer stock between IRAs. It is cash only.
so if i wanted to change my brokerage firm, i would have to liquidate all my assets in my ROTH IRA, then transfer, and repurchase securities? or could i just move my current investments into a new brokerage firm?
lilweezy said:so if i wanted to change my brokerage firm, i would have to liquidate all my assets in my ROTH IRA, then transfer, and repurchase securities? or could i just move my current investments into a new brokerage firm? If your new firm is willing to accept the securities, you could just move them. You would not need to liquidate them.
Of course, if you own some sort of proprietary fund or exotic investment that the new company does not deal in, you would not be able to transfer it.
The rule is that NEW contributions to an IRA must be in cash. Transfers from another qualified type of retirement account can be in kind.
frootmall said:lilweezy said:so if i wanted to change my brokerage firm, i would have to liquidate all my assets in my ROTH IRA, then transfer, and repurchase securities? or could i just move my current investments into a new brokerage firm? If your new firm is willing to accept the securities, you could just move them. You would not need to liquidate them.
Of course, if you own some sort of proprietary fund or exotic investment that the new company does not deal in, you would not be able to transfer it.
The rule is that NEW contributions to an IRA must be in cash. Transfers from another qualified type of retirement account can be in kind.
thanks for the clarification! i'm not satisified with the level of service i'm receiving at my current firm -> high turnover with financial advisors. i feel i'd be better off going at it by myself.
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