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options for traditional IRA

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  • options for traditional IRA

    I have a traditional IRA from residency. How do I move it to a vanguard account? Go to the bank, get the check and cash it and then open a vanguard account? Do I need to save any receipts to show that I didn't withdraw the money for IRS?

  • #2
    Who currently is the custodian of your IRA?

    Most folks consider Vanguard mutual funds and ETFs to be excellent funds, but Vanguard (the company) isn’t necessary a great brokerage.


    • #3
      WCICON24 EarlyBird
      Optimal way is a trustee-to-trustee transfer. If you take possession of the check, you have 60 days to get it into your new account or it is out forever and you get to pay tax and penalties on the unintended withdrawal. There won’t be receipts to save, but you’ll get a 1099R by 1/31 of the following January.

      I second @hank‘s thoughts on VG although a brokerage is often perceived according to the most recent phone call you have had with them - whether efficient, informed, and industrious or completely callous and clueless.

      On a good day, I would stick with this exercise until I achieved alliteration.
      My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
      Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clients