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Is it possible to simply withdraw my IRA CD at 5% (i will have to pay a small penalty) and reinvest it in an IRA money market with 15 or 16% interest and not worry about any problems at tax time. I also have savings bonds in my childrens name and all have matured. I would like to invest them in money market accounts.
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rainbow40

Welcome! You asked:

Is it possible to simply withdraw my IRA CD at 5% (i will have to pay a small penalty) and reinvest it in an IRA money market with 15 or 16% interest and not worry about any problems at tax time. I also have savings bonds in my childrens name and all have matured. I would like to invest them in money market accounts.

Where can you find a money market that pays 15 or 16% interest? Foolish investors usually use Money Market funds as a parking place for money that will be needed in the next 3 - 5 years. Investments in equities generally give better returns over a longer time period.

Gemstarman
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First, you don't want to withdraw any money from your IRA. What you do is transfer custodian to custodian(Bank to MM Family or Broker). Before you do even that you need to educate yourself at this site and others so you can pick investments that are suitable.
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