Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Is this doable without paying an early withdrawal penalty - and, if so, how would it be done?

1. You must find a bank or broker who is willing to act as the IRA custodian for the shares. These typically charge several hundred dollars a year in fees.
2. You must transfer funds from the FolioFN IRA to the new custodian.
3. You must direct the custodian to buy the shares--you must not participate in the transaction yourself.

FolioFN will probably charge you a transfer fee and an account closing fee. Check your fee schedules.

As long as the money goes from IRA to IRA, there is no early withdrawal penalty.

However I am not a lawyer or a tax expert and I suggest that you consult with one before embarking on this project.

For more info you can ask on the "Retirement Investing" board:
http://boards.fool.com/Messages.asp?bid=100154
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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.
Advertisement