Can I turn my mutual fund account into an IRA?

Question

I currently have auto deductions with T Rowe Price and it has a value of about 1200. (I am disabled)

Answer 1

Not unless you have earned income for the year, enough to allow you to contribute that much to an IRA. If you do, then the IRS doesn't care where you got the money - you can take it from your mutual fund if you want to. But you can't just take the mutual account and turn it into an IRA.

Answer 2

You have to have earned income to qualify to put money in an IRA. If you do, contact your TRP Representative and ask how you can convert the account. If there are trustee fees, it may not pay for a small account like yours.