Solved: Re: Can I fund existing IRA with brokerage cash via bank

pkrabbendam · Mar 20, 2021 2:52:29 PM

Question on funding an existing IRA (rolled-over 401K from a previous employer).I understand a brokerage account isn't a qualified retirement plan so I cannot do a direct transfer, but I would still like to use its cash to fund the IRA with a tax deductible 2020 contribution.Is it allowed to: Step 1 Move cash from the Brokerage to my bank account;Step 2 Move that cash from the bank account to the IRA?I think "yes" but I can't find a definitive answer and the last thing I want is get into trouble with a three letter acronym government agency... Thanks much in advance!

Can I fund existing IRA with brokerage cash via bank

Yes, got the answer. It was because there is a button to "fund your contributions for 2022 you haven't done that yet" and there was money in the money market in the account. I was looking at an easy way to just move those funds. I have other funds I will use in April then. Thanks.