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Author: irasmilo 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 121567  
Subject: Re: Transfer of Coverdell Account Date: 11/3/2004 3:52 PM
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Hi,
I am seriously considering transferring a Coverdell ESA from a brokerage firm directly to a mutual fund. Is there any problem with closing the account, having them send the proceeds to me and then using that to open the new account?

Last time I had to transfer assets away from an account they hit me for transfer fees.


Coverdell ESA's appear to have the same rollover rules as IRAs. You are allowed one rollover per 12 months where you take possession of the funds. The rollover must be completed within 60 days, otherwise it is considered a taxable distribution (and penalties may apply).

Ira

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