Moving Roth Ira Money to other investment Vehicles

Submitted by Wess Fall on Tue, 2012-10-30 00:54

Is it possible to have multiple brokerage accounts within a single Roth IRA?
I am interested in moving a portions of a existing Roth Ira into a brokerage account so I can diversify.
Are there certain forms I need to know about, So I do not get any penalties? Or any possible problems that may happen from a brokerage firm not doing the correct paper work to keep it in the Roth Ira?

Thanks WES

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Permalink Submitted by Alan Spross on Tue, 2012-10-30 02:25

You can have as many Roth IRA accounts as you wish.

You can move funds by either an indirect 60 day rollover or by trustee to trustee transfer. The transfer is the best option as they are unlimited in number and not reported on your tax return. Therefore, you should set up the second Roth IRA account with the new brokerage and work with them to order a partial transfer from the other Roth IRA into the new Roth.

Note that for tax purposes, all of your Roth IRAs are considered as one combined account.

Permalink Submitted by Wess Fall on Tue, 2012-10-30 04:08

Thanks for clearing that up for Me!…