Has anyone been able to convert traditional IRA at IB to Roth IRA at IB yet? Any idea when IB will enable this? Thanks rd100
No I opened a ticket asking about it, the ticket has sat untouched for a week. I'm considering transferring my money out and then back I can't wait forever IB. That will just mean a lot of paperwork for IB, along with the cost of processing. What a waste IB, thanks!!!
Are you taking it out to a Roth and then back into IB Roth? Or are you taking it out to Traditional and then transfer-and-convert back to IB Roth? Are both options good or are there any pros and cons? Thanks rd100
I think you can transfer it to a traditional IRA elsewhere then transfer it back into your Roth IRA at IB. Why you can't just transfer into your Roth IRA at IB is just ridiculous....get this together IB!!!
Attached is my ticket (details hidden to protect the innocent). Untouched after 10 days. Come on IB we really want this baby! <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2809855">
IB dooes not do any conversion work. just at the beginning of this month, I was terminated from my job, I want to rollover my 401k to Roth IRA (this year we have special tax benefits), I asked them, they said they do not, they need my 401k converted other placed, then transferred to them. my 401k was fidelity, they can do it for me, but they do not convert my 410k, they just transfer my 401k directly to my Roth IRA, I like this direct transferring, the problem is I need use out-of-pocket money (several tens of thousand), I gave up. finally I rollovered to Scottrade, they withdrawed tax for me and converted it to Roth IRA, then I am transferring scottrade's Roth IRA to IB's ROTH IRA, ..... I think at least another one to two week my IB Roth IRA will be ready for me to trade. time consuming.
Here is IB's response to my ticket: "At this time a date can not be confirmed. Please check the IB website, IB../www.intereactivebrokers.com, for any updates."
I feel sorry for you guys. Don't think this is rocket science. Not to sound like a shill for MB but I got my Traditional IRA converted (re-characterized) to a Roth in about a day in late December.
Does using an IRA custodial who offers self directed, like milennium trust or entrust help with this stuff?