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I will soon be turning 18 and will be managing my already established IRA account...
I have aprox. $2,500 in a traditional IRA account (custodial up until now) that is all in one underperforming mutual fund through an expensive broker.
I want to keep all of this money in an IRA account, but I want to set up this account through a discount online broker so that I can trade stocks (using top ten strategy) at will. If I close out my existing account will I lose my IRA tax-exempt status? Do I have to wait until December to complete this transfer? What is the first step? Thank you very much!
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