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Subject:  Returning Roth IRA contribution after early wtdr Date:  2/17/2008  2:30 PM
Author:  razorslug Number:  61475 of 88775

I have a question about the best way to transfer my Roth IRA.

Just to start, I'm 26 grad student, and basically I'm using student loans to fund my retirement. (The loans have a locked low interest rate, Paying them off on time should build some credit. And basically all I"m doing is forcing my self to invest in my retirement when I have to pay back the loans.) I opened a 2007 Roth IRA with Fidelity and maxed it out, 4k. No one should be suprised that my Roth IRA is now worth closer to 3k. I want to transfer the fidelity Roth IRA to my bank because I get a better banking situation and more options with the IRA.

My question is...
Can I take all of the money out of the Fidelity account.(There are no earning just losses, so no taxes. I think only a $15 closing account cost)
Then, as long as this is done before April, open a new 2007 Roth IRA with my bank. I'm pretty sure I can do this much. If anyone foresees a problem please let me know.
So here is the real question, when I open the new 2007 Roth IRA, can I fund it with 4k. Or is my 2007 contribution some how limited to the 3k I took out of the fidelity account?

And of course once all that is done I'll start making contributions for the 2008 Roth.

Thank you.
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