Forgotten Roth
Hello, I know very little about Roth’s but was told byy father to start one a long time ago. So in 2013 I started one with T. Rowe Price at $1k and never looked at it until now. It currently is at $794. Looking back at my statements, I noticed there were deductions of $30 for a “Sweep to Brokerage Account”. First question, what is a Sweep and why does it keep on being deducted every year?
Secondly, how come I am making next to nothing? My income since opening the account is $14.
Any advice or financial wisdom would be greatly appreciated. Thank you!
Permalink Submitted by Alan - IRA critic on Wed, 2020-08-19 14:46
This is a specific account question, so you should call TRP for specific answers. If funds were transferred out of the Roth to your brokerage account, you would have received a 1099R each year showing the distribution. Or if the 30 is an annual small account administrative fee, it would be deducted and TRP would retain it. Otherwise, your investment returns are determined by the investment that was selected for this account, and it likely is not stock funds or your balance would be much higher. A TRP rep should be able to explain this, as the above are just assumptions.