New 5-year waiting period required on transferred Forex Roth
I am currently 70 years of age. I currently have both a Traditional IRA, and a Roth IRA. I have had BOTH IRAs open for LONGER than five years.
My understanding is that in order to invest in Forex within an IRA, a special Forex IRA must be opened for that purpose. Is that correct?
If that is correct, and if I were to transfer a PORTION of my existing Roth IRA to open a NEW Forex Roth IRA, would there now be a NEW required five-year waiting period in the new Forex Roth IRA BEFORE qualified distributions of any gains realized from Forex trading could be taken from it, OR does the fact that I have already had the first Roth IRA open for longer than five years negate the need for a new five-year waiting period before qualified distributions could be taken from the NEW Forex Roth IRA?
Permalink Submitted by Al Fry on Tue, 2009-11-17 20:09
Since you have met the 5-year period with a Roth, and you are over age 59 1/2, there are no other waiting periods for qualified distributions. Perhaps Forex prefers a seperate IRA.