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Roth IRA transfers???

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    #1

    Roth IRA transfers???

    I've got Roth IRAs with a bank and a brokerage. They are exempt, however, I want to transfer my bank Roths over to my brokerage. There would be no distribution or withdrawal, just switching institutions.

    My 341 is this week. When can I make this transfer?
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    #2
    In my opinion, you only have a couple months to discharge. Don't do anything that could be detected as movement or manipulation of funds. Even though it is exempt, would you like to stick that stick into the hornet's nest? Wait and be patient. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Doh!!! It's k i l l i n g meee!!! The bank pays NOTHING!!! My brokerage Roth is going through the roof right now. *Banging head on keyboard!*

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        #4
        I don't see why rolling a Roth directly into a Roth at another institution would be a problem. If the trustee asks if there have been any changes since you filed, just explain what you did. But, check with your attorney to be sure.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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          #5
          Well, I don't see why there would be a problem either but thought I'd ask. No different, really, than if I were having to switch jobs and rolling one 401k into another 401k or an IRA.

          From what I was told it takes about 7 days for the money to transfer and settle with my brokerage. My 341 is in a couple days so I could at least start the paperwork process to get the ball rolling. The money shouldn't move until after the 341 anyway.

          I'll call today and ask and post what I'm told.

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            #6
            I too, see nothing wrong with moving it, especially after the 341. Just a word of caution on your comment that your brokerage account is going through the roof. Remember 2001 & 2008-when the market was extremely high and then plunged. Not saying it is going to again, but many of the underlying conditions, mainly excessive debt, continue to exist. Just remember the big plunges and if one starts, get out sooner rather than later. Just my opinion but be careful. Good luck.

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              #7
              I don't see problem with rolling it over.

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                #8
                Whelp, called the attorney's office and the paralegal said no problem as long as there's a paper trail showing TO: and FROM: so Yaaay!

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