Simple IRA at IB

Discussion in 'Retail Brokers' started by stevelevi, Mar 18, 2008.

  1. Perhalps someone can help me
    I have a sizeable Simple IRA account I wanted to move it to IB
    But IB does not support a SImple IRA accounts. any idea of how to move it anyway ? I know I can convert to Roth but I do not want to pay taxes
  2. GTC


    Trying to move unlike IRAs at IB at any means would not be a good idea. You cannot convert IRAs at IB.
  3. Thanks to your relply
    My CPa tells me I can close a simple IRa a nd open a trditional IRa as long as I opened Simple IRA for at least 2 years
    I comunicated with IB and this time they agreed so I am going to open an IRA account by transferring out of a simple IRA aacct,
  4. GTC


    Rollover, Traditional IRA, Traditional-401k are alike; Roth-401k, Roth IRA are similar. Savings Incentive Match PLan for Employees may be close to Traditional IRA. You might just check with IRS. If you have plans for Roth conversion, then IB is not your broker.