I'm considering a Roth account from one institution to another. I'm still finding out about fees. There may be a fee for outbound account transfer. Someone suggested that I could take a distribution for the full amount from the account and then do a rollover within 60 days. There may not be a fee for that (checking that too).
I know we talked about similar things some time back, but I want to make sure this is ok, I think so.
Brian
Someone suggested that I could take a distribution for the
I'm certainly no expert, but I think it is a much better idea to do a rollover directly from one trustee to another. Even if you have to pay a fee. Once you have that Roth money in hand, you will have to deal with IRA regulations, forms, etc, to make sure you follow the exact rules for putting back into another Roth, and hope you don't get bogged down in a quagmire of bureaucratic misunderstanding. Plus you may have to pay your tax man to help you with the paperwork. By the way, what is the fee to transfer from trustee to trustee? Is saving it worth the hassle and worry of a possible audit 3 or more years down the line? SandyBeth
Yes, that's the case. Actually it would probably be better to pay commissions on ETFs, at least for a while.
Brian
It's no longer a concern. When I enquired about the closing versus distribution with the brokerage, they gave me some free trades to stay.
Brian
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