Can I transfer Securitys from my Scottrade account to my Shwab ROTH IRA ?

Question

I can contribute $5000.00 this year ,stocks are worth about $2500.00, Cost basis is about $3200.00. I have had them for over 2 years. The account they are in now is NOT an IRA.

Answer 1

Only if those stocks are also offered in Scottrade, then you can tranfer into a Roth IRA. Though, I wouldn't recommend that you fund an IRA with stocks since they are highly volatile. You can make lots of money off of stocks but you can also lose lots of money. For example, if a price of a stock was $50 and then it grew to $100 and then something happens to the market, it drops to $2, how are you going to feel? If the company goes bankrupt or was banned from continuing doing business, your stocks will be worth nothing!

Stick with mutual funds and bonds. Keep stocks outside of the IRA so that you can sell them at anytime. You are already losing money on the stock, so it's best to liquidate them now since whatever you are doing, its not working.

Answer 2

you are able to purely make contributions funds to an IRA. The shares in the Scottrade account could be transferewd to a Schwab Roth IRA if the Scottrade account is likewise a Roth IRA. this does not create a tax income, you are able to basically be changing custodians/brokers. the fast answer: in the journey that your Scottrade account isn't already a Roth the only thank you to get the shares right into a Roth is to sell the inventory and repurchase them in a Roth. this could prepare despite in case you open a Roth at Scottrade. i know it quite is not the respond you wanted regardless of the undeniable fact that it quite is the appropriate answer.

Answer 3

Dearc Sir,

Transfer to my account, I can give you 2% ineterest everymonth on US$ 5000 for any amount of month you want.

Answer 4

consult a financial advisor at one of the brokerage firms to find out. There may be tax issues doing this.