The $700 Roth IRA question

[Marquette]

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.

 

[samclem]

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.

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).

 

[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!

 

[FinanceDude]

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!

How long have the monies been in there??

 

[Marquette]

How long have the monies been in there??

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.

 

[FinanceDude]

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.

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..............