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<Let me get this right, we have to have two seperate accounts and we need to liquidate the stocks? Once we have the accounts, can I invest it within the account anyway I wish (stocks, mutual funds, etc.)? >

Not meaning to be a wise---, but that is why they are called Individual Retirement Accounts. As for liquidating the stocks, that was the answer from my broker yesterday (and no he would not have made any commission money). Hopefully, Pixy can confirm this.

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