Can you move money from one roth ira to another roth ira?
Moving money from brokerage accounts that include iras where we were paying a financial advisor, etc. to a credit union money market for a year or so while waiting to see what happens with the economy. Can our roth iras be moved to credit union roths without any problem?
Comments
Comment from Pay Day Loans
Time July 27, 2010 at 5:26 am
absolutely. just be sure it goes directly from your brokerage account to the credit union. good luck! first, call the brokerage and ask for the form so you can roll it over to the credit union.
if you are opening the roth ira with the credit union, they will help co-ordinate everything. They need to establish the account number and open the account so that the sum in the brokerage account can be transferred. It’s easy.
Comment from Win Money Gambling
Time July 28, 2010 at 11:43 pm
Yes – that is called an IRA transfer. But do a direct custodian-to-custodian transfer. Do not withdraw the money yourself.
Comment from Cash Advance Loans
Time July 31, 2010 at 6:37 pm
Let the person who is holding the money handle the transaction, not you. You will have to pay tax because it will be seen as a distribution. So let them handle it.
Comment from Pay Day Loans
Time July 25, 2010 at 8:17 pm
Beat a DWI
Yes, but be careful how you do it. Ideally, you want to transfer it from one custodian to another. So ask for the paperwork from your credit union and check the instructions to request the money from your current brokerage custodian. You’ll need to find out the address of your current custodian.
Otherwise, you can request the money from your current custodian and send it in to your credit union, but if you keep the money for too long or if it isn’t addressed correctly, the IRS could treat it as a withdrawal.
I recently did the same thing with my account. I went from one fund family to another and the receiving fund family handled the whole process. I just provided the originating custodian address in the application.
Whether you should stay in a money market is another discussion you should probably look into. You may want a financial advisor to work with, so also make sure you’re leaving the advisor for the right reasons.