Roth IRA Conversion at IB

To anyone following this, IB has now got this up and running. I converted my traditional IRA earlier this week to my Roth.

 

Cool, good to hear. I'll be doing that as well.

 

Could you elaborate on how to do this? Thanks.

 

Go into Account Management in the traditional ira and there will be a link on the left menu (I believe under funds management but I can't remember). In my case the funds were converted that night, although they did say they will not do a conversion over options expiry weekend.

 

See also:

http://individuals.interactivebroke...undsmgmt/ira_conversion_to_a_roth_account.htm

 

Thanks again. Looks like I have to open an IB Roth IRA account for the conversion.

 

Not sure how else you could convert ... unless you wanted to change the account type but I don't think any broker will do that for you.

 

Just transfer the money to a bank first, then deposit it to a Roth. I did it before. IB didn't support the direct transfer. It was a bit of a hassle to convert.