Ib Doesn"t Do Roth Conversions??? Wtf!!

Discussion in 'Retail Brokers' started by bignatty, Mar 14, 2008.

  1. bignatty

    bignatty

    This is ridiculous. I have an IRA with IB and will be looking to convert it to a ROTH in 2010 when the income limits for conversions are waived. Does this mean I need to move my IRA somehwhere else, convert it to a ROTH and then move it back to IB. This sucks. Anyone else been thinking about this?
     
  2. bignatty

    bignatty

    --
     
  3. dont worry about it. the way things are going, it will only be worth 3 cents by then
     
  4. just21

    just21

    The bull gets bearish!
     
  5. bignatty

    bignatty

    Well that $.03 will still be worth more than your paper account
     
  6. If you have me tabbed as a bull, you need your glasses cleaned.
     
  7. I just discovered myself that IB won't do a simple IRA to Roth conversion.

    I guess they want to keep commissions low and not do things that don't produce revenue, but I would have been happy to pay a reasonable fee for this. As it is, the suggested alternative of 'close the account, go elsewhere to do the conversion, and then come back' seems totally ludicrous!
     
  8. IB's policy of not doing a ROTH conversion makes no sense.

    IB will let you withdraw money from an IRA account and IB will let you put money into a ROTH account, but IB will not let you connect the two transactions to do the ROTH conversion.

    It is not possible to get anyone at IB to explain this senseless policy. Once again at IB it is the take it or leave it IB way.
     
  9. Do you know if you're able to trade futures in an IRA?
     
  10. GTS

    GTS

    Yes
     
    #10     Nov 28, 2008