Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19577  
Subject: Re: A beginner's question about my IRA Date: 8/3/2000 6:04 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Greetings, TomNJean, and welcome. You asked:

<<I have an IRA account with a brokerage company. I want to handle it myself. Can I do that?... legally and without having to pay any taxes on it? I'm not old enough to retire yet.... but it won't be too long. What do I have to do to close the account with the brokerage and take control of the IRA myself?>>

No, you may not act as the custodian/administrator of your own IRA. Only designated financial institutions may do that. You may, though, direct the investments within that IRA because your custodian is a broker. Thus, you are free to buy and sell individual securities available through that broker. Because those trades occur within the IRA, they will have no effect on your income taxes regardless of whether you gain or lose money on the trades.

For more on IRAs, you should read our IRA area at

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next


Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

An Interesting Read
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.