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Can traditional IRAs in a brokerage firm be transferred to a…

Can traditional IRAs in...

Can traditional IRAs in a brokerage firm be transferred to a cash account to another fund in the firm. I am 76 and take the required distribution each year. My spouse died in 2916 and I inherited them. I have chosen to leave them to children. But in a crises could I use them. I understand taxes.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No. I am told that I cannot move them without a large tax liability.

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Answered in 5 minutes by:
12/24/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,811
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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While you can move the funds (take a full distribution from the IRA is really what you would be doing) you will be taxed on that amount.

The only way to move them would be to have the IRA fully cashed out and then you can put the money in another fund. They can most likely do all this for you with out you handling the money but it will be a distribution and you will have tax to deal with.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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