Skip to main content
No. of Recommendations: 0
Greetings, Darci, and welcome. You asked:

<<1) How do I go about moving my funds out of the Waddell and Reed managed mutual funds to my own brokerage account with an Index fund?

2) What are the tax implications, if any?

3) Can I even do this? Or am I forever committed to W&R?>>

The moment your and/or your employer's contributions are in the account you designated to receive the SEP-IRA monies, you are free to treat them as any other money deposited in a traditional IRA. That means you may transfer money at any time to another IRA without tax impacts.

If you wish to move your existing money to another IRA at a broker/fund of your choice, simply call that broker/fund and tell that agency you wish to fund the new IRA with money from an existing IRA. The broker/fund will send you some forms to complete. One is a directive to your SEP-IRA custodian to transfer that money to the IRA you wish to establish. Just complete all the forms the broker/fund sends you and return them. In 20 to 40 days (depending on how fast your SEP-IRA custodian acts) the money will be in your new IRA for use as you wish.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
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.