I am 53 years old, and I have a roth IRA with citibank, the money on my roth IRA was invested on CD account, and the CD will mature in May 2010. Can I transfer roth IRA to scottrade roth IRA(I don't have any scottrade accounts right now)? After I turn to 59 1/2 years old, can I trade stock within my scottrade roth IRA account? Can I take out my capital gain without tax?
Thanks.
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You set up your account with Scottrade making them aware it is a
Roth IRA rollover. They will handle everything.
You can not transfer any equities or bonds (cd's).
You must have cash assetts when transferring from one organization to the other.
Ex: both accounts at scott trade, you could convert and IRA to a ROTH and still keep your cd intact.
Call Scott trade though, they may pull some strings.
Don't call Citibank about this - they don't want to lose your money, they will say you can't do it.
If your CD can be sold in the open market (like at Scott trade), you might get lucky and get a bundle. If Citibank acts like a normal bank, they will just charge you fees for closing that cd.
With Scott trade you will be able to day trade with that ROTH money any time you want - you are no longer dealing with a piddly little bank, you are now joining the BIG BOYS of discount brokerages.
Enjoy not being nickled and dimed to deat by Citibank.
You can't take gains out until you are almost 60, but you can take out principal under some circustances like sending a child to school or buying your first home.
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