cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 3

Can I move money from a personal Roth or IRA account into a brokerage or high interest bearing account without taking a huge tax hit?

 
3 Replies
Level 20

Can I move money from a personal Roth or IRA account into a brokerage or high interest bearing account without taking a huge tax hit?

Why move the money out of the IRA ... why not do the same investments inside the IRA ?  Move the IRA to that broker if needed. 

 

Any traditional IRA distribution will be taxable and if you dont have an exclusion you will also pay a 10% penalty. 

 

As for the ROTH ... the contributions can be removed at anytime tax free however once put into a reg broker's account all the income is taxable. 

Level 20

Can I move money from a personal Roth or IRA account into a brokerage or high interest bearing account without taking a huge tax hit?

It makes no sense to take money out of a Roth IRA just to invest it outside the Roth IRA.  Invested inside the Roth IRA gains will eventually be tax free.  Invested in the same investment outside the Roth IRA those same gains will be taxable.

Level 3

Can I move money from a personal Roth or IRA account into a brokerage or high interest bearing account without taking a huge tax hit?

Thanks everyone for their feedback. I will just leave things where they are : )