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I have an IRA at a Wise institution and I want to transfer it so I can start an IRA with my online broker and Foolishly manage it myself (my IRA was lucky to break 10% return in its best year). I've been reading up on IRA's -- all about conversions, starting IRA's, etc. -- but I haven't seen anything that gives me a concrete answer concerning my specific situation. Does anyone have any information about fees, penalties, etc. that I may incur by doing this? Or will it be "free" -- just like transferring stock from an old non-IRA account in order to start a new non-IRA account? Any input would be greatly appreciated. Thanks in advance.

The Oarsman
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Greetings, Oarsman, and welcome. You asked:

<<I've been reading up on IRA's -- all about conversions, starting IRA's, etc. -- but I haven't seen anything that gives me a concrete answer concerning my specific situation. Does anyone have any information about fees, penalties, etc. that I may incur by doing this? Or will it be "free" -- just like transferring stock from an old non-IRA account in order to start a new non-IRA account? >>

Any fees are contingent on your present IRA custodian and the investment itself. Many losing custodians will charge a liquidation/transfer fees and some investments like mutual funds have a back-load (commission) that applies when you sell that investment. So, check with your current custodian to see what fees may apply in your case.

Regards..Pixy
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Thanks... I'm off to call my present custodian now!
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To the Oarsman,

Just transferred my IRA from a Securities Holdings company (mutual funds & stocks) to CitiBank. No change investments but just like the broker better, Was charged a IRA termination charge $25 and a Transfer charge $25. This may or not be typical.
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