Can I move my IRA from one broker to another without incurring a penalty I'm not happy with my broker Wichita, KS?

Can I move my IRA from one broker to another without incurring a penalty I'm not happy with my broker Wichita, KS?
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1 Answer

Answer :

There are 2 choices left for moving an IRA from one broker to another. If they are done in a proper way, you will not have to pay any penalty fees in both way. Both are tax free too. One is you can do an IRA rollover wherein you will receive a check for the full balance of your IRA from your former trustee/custodian, and you must deposit that money in the new IRA within sixty-days to avoid income taxes and penalties. The other is you can do an asset transfer wherein you have the new custodian (brokerage or mutual fund organization) move the money for you and no check ever passes through your hands.
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