No. of Recommendations: 0
Hello,

I am thinking about taking the funds I have now in a non-deductable IRA account and converting them to a Roth IRA account at a different institution. The nice person at Ameritrade said that I would have to deposit the funds from my existing IRA into a new traditional IRA account at Ameritrade - then request to convert them to a Roth. Whew! The mind boggles at the paper work to do that.

So, I have somewhat resolved myself to that, but I am concerned about the mechanics. I've been told that I can either request Ameritrade to have the funds transfered from my old account, which would take weeks, or that I could request my funds by check which I then would have to deposit within 60 days.

My girlfriend understands that if it's not a direct transfer, if I ever receive a check, that I would then have to pay a penalty.

What is the correct gouge? I'd like to make this happen as quickly as possible and the second scenario seems most efficient.

Thanks,
Bill
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
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