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Author: JeanDavid Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Tax handling of gifts under the annual exemp Date: 3/26/2014 10:31 AM
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Given that it is possible for you to have multiple IRAs at different brokerage houses, how can Ameritrade decide that your entire RMD must come out of the account that they hold? How do they know that you didn't take the rest of your RMD out of another IRA? This is not something they should be controlling, and so I'd be shopping for another brokerage starting now. I certainly would not wait for another year to see what other restrictions Ameritrade puts into effect.

You raise very reasonable questions.

It happens that I do not have accounts at other brokerage houses. I deliberately closed an IRA at Schwab and merged it into my Ameritrade one to avoid the complications of having two brokerage houses. Furthermore, Schwab said there would never be a service charge on my account provided I kept at least $25,000 in it, which I did, and a few years later they started imposing a service charge anyway, saying the new requirement was for $50,000 minimum. So I was pissed at them. (They did charge commissions for trades; that was not the problem.)

And I had moved from Fidelity to (Aufhauser to) Ameritrade because Fidelity had extremely high commissions and I could not stand that, especially since I was doing Unemotional Growth strategy (not recommended, and I assume no one uses it anymore) that involved a lot of monthly trading. Aufhauser give free trades (up to 20 a month) for a fixed fee of $800/year, so it mattered a lot to me in those days.

But moving accounts from one brokerage to another was such a royal pain that I do not think I will ever do it again. It took many months to effect the transfer. First, they moved the stock. But they forgot the dividends on the stock. So I had them move the dividends, but they forgot the interest on the dividends, etc., etc., etc., ....
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