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As for investing it, it's something I'd like to do, although from what I've seen I'll need $3000 minimum for most funds I've looked into.

Most of the better funds have a $3,000 minimum initial deposit for non-retirement accounts. However these same funds often have a $1,000 minimum initial deposit for retirement accounts.

If you decide to invest your IRA in mutual funds, then I would suggest doing a custodian-to-custodian transfer of your Traditional IRA to a mutual fund company, and then converting the Traditional IRA to a Roth IRA. I think you'll discover that you'll save yourself some hassles and some fees with this approach.

You might be interested in two other TMF discussion boards:

CPA Fools

CFP Study Group

David Jacobs
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