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The $700 Roth IRA question
07-16-2008, 08:53 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
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The $700 Roth IRA question
When I was young and stupid I had an Ameriprise advisor... that's not true, when I was young and stupid I managed to spend every cent I had. When I was slightly less young and still rather stupid, I had an Ameriprise advisor.
We've moved every account out except for a little Roth IRA with a grand total of $753 in it. It had a bit more at one point but never over $1,000. It's the last tie I have to Ameriprise and I don't know how to get it out.
I can't contribute any more to it.
Any thoughts? I think I might just take it out and pay the penalty and call it good.
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07-16-2008, 09:51 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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 Quote:
Originally Posted by Marquette
It's the last tie I have to Ameriprise and I don't know how to get it out.
I can't contribute any more to it.
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Do you have a ROTH IRA elsewhere? Roll it over to any other ROTH IRA, or take it out and put it into the other IRA within the time period allowed to avoid taxes (90 days?). Or, just take it out and take the penalty.
As I recall, you can withdraw your contributions to a Roth IRA at any time without penalty. You'd only be penalized on the growth (I think).
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07-16-2008, 10:02 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
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Nope, this is it for roth iras... I do have a roth 401k now, thank goodness.
I think I'll pull it out and go from there. Good point about the contributions not being penalized, thanks!
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07-17-2008, 09:45 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Marquette
Nope, this is it for roth iras... I do have a roth 401k now, thank goodness.
I think I'll pull it out and go from there. Good point about the contributions not being penalized, thanks!
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How long have the monies been in there??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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07-17-2008, 09:51 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
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Quote:
Originally Posted by FinanceDude
How long have the monies been in there??
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Probably 5 years... I think that was the last time I was qualified. It's just been such a small thing that I haven't bothered to do anything but let it sit.
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07-17-2008, 11:16 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Marquette
Probably 5 years... I think that was the last time I was qualified. It's just been such a small thing that I haven't bothered to do anything but let it sit.
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Move it out of Ameriprise, but keep it open. WHo knows, maybe in 2010 you'll get the urge to take your qualified monies and convert to Roth, as you will be eligible.............. 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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