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Is it possible to remove money from an IRA to invest in e-trade?
Wiki User
∙ 13y ago
Simply removing money from an IRA (as distinct from taking a distribution from the IRA) will incur significant taxes and penalties. What you probably want to consider instead is a "self-directed IRA", where your money remains in a tax-advantaged IRA, but you can manage the investments yourself. Most brokers, including on-line brokers like E-Trade, are qualified IRA custodians and can set up a self-directed IRA account and handle the custodial transfer. (The transfer has to be done correctly or the IRS will disqualify the whole thing).
Check the fine print, too. E-Trade will charge fees on IRAs if you have less than $25k in other accounts. Do a comparison with other on-line discount brokers before you decide which one to go with.
Wiki User
∙ 13y ago
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