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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Re: A beginner's question about my IRA Date: 8/3/2000 6:04 AM
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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 http://www.fool.com/money/allaboutiras/allaboutiras.htm.

Regards..Pixy
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