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Author: apacherose Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121217  
Subject: Rollover IRA versus Traditional IRA?! Date: 11/1/2000 3:09 AM
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In 4-2000, my husband's employer-company was sold, so we opted for "trustee-to-trustee transfer",with 401K $ being transferred to Scottrade IRA via check as follows: Scottrade FBO apacherose: IRA". Scottrade has always referred to this transaction as a "rollover", not the technically correct term "transfer"...which I didnt split-hairs-over. Now, my husband would like to start making personal contributions to this IRA--fully realizing that the actual 401K $$ will not be eligible for transfer to another employer plan if "tainted" with personal contributions...but Scottrade says personal funds cannot be added to this "rollover" IRA, & have instructed my husband that he must set up a traditional IRA with Scottrade...& then transfer the holdings from "rollover IRA" to this newly opened "traditional IRA". This is confusing, as I know when the transfer took place in 4-00, that it wasnt a ROTH IRA...so assumed it was a traditional IRA...but cant seem to get this point across to Scottrade, as they adamantly refer to it as "rollover IRA". Is this fairly common among discount brokers...to require a transfer of "rollover 401k-IRA" to a traditional IRA. From reading past posts, I dont recall stumbling across this type of scenario. Any feedback welcome & appreciated!!

thanks in advance--apacherose
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