Anyone use M1 Finance? I'm confused and need a lil help

[Stillwater007]

I currently have a Pie valued at around $495. I originally invested $500 in it and would like to sell it. It's in a ROTH IRA so it shouldn't be a taxable event. I would like to turn around and but a new ETF with the new $495, but it looks like I can't do both at once as my "buy" seems to require $funds$ in the account FIRST.
I can't deposit more money from say my bank as I've maxed out my Roth IRA for the year.

Is there a way I can sell and buy at the same time using the same amount of money? Or can I only sell first, then buy later once the $495 is deposited into my M1 Account?

 

[jazz4cash]

I’m not sure I understand your question but I think some but not all brokers will permit you to sell and then buy immediately. Right now you can contribute for both 2020 and 2021. Have you maxed out for both? Do you have any other tax deferred accounts you could use for a “back door Roth conversion?

 

[Sunset]

What is wrong with selling, waiting 3 days for it to settle and then buying whatever you want ?

If you don't want to do that, then you need to ask for margin approval for your ROTH.

I have no idea what an M1 account is.

 

[njhowie]

Sunset - M1 is another fintech.

Stillwater - open a support ticket, you'll have an answer within 24 hours:
https://support.m1finance.com/hc/en-us/requests/new?ticket_form_id=360001449093