You'd think that after 6 years of doing this at Fidelity I would be an expert but I must either forget every year, things are constantly changing at Fidelity, or I am truly insane and have no business managing my financial affairs (the last one is a joke, for any future judge that might be presented with this in court ![;)]( "Wink")
I have done it every which way, TWICE a year (I handle it for the wife too), for the last 6 years or so at Fidelity. I've made the "mistake" of making the IRA contributions as a "pull" transfer from my bank, the lesser "mistake" as a "push" transfer from my bank, the equally egregious "mistake" of selling securities in my taxable brokerage(margin enabled) and transferring before T+2. But I swear on my children that I have also transferred from cash that's just been sitting in the whatever the cash sweep mmf of that same brokerage account for a long time, to my IRA, and then right to the Roth same day or at least the very next day. And why the hell not?! It's my money that Fidelity has been holding as cash for however many months it was!
So on Monday i did just that, transferred $7K from our brokerage (Fidelity), money that had been in the cash sweep fund for months, to my wife's IRA. And yet here I am, technically it's freaking Wednesday, and I still can't make the Roth transfer! Am I completely mistaken about having been able to do this same-day or next day in the past with settled funds already at Fidelity? It just makes no sense, and that whole chicken-little theory about it being a great idea to separate the two transfers by a completely arbitrary amount of time with no legal opinion/ruling to base it off of is a relic of the past, that can't be the reason.
I got "dinged" this past year with interest showing jp a month after I did all this and not noticing it until after dec 31st (because I don't normally check accounts that have $0 balances normally). It's not the money aspect, it's the time i wasted having to figure out what to do about it at tax time. Why is this wait necessary when Abigail's right hand gives $7k to her left hand?
I have done it every which way, TWICE a year (I handle it for the wife too), for the last 6 years or so at Fidelity. I've made the "mistake" of making the IRA contributions as a "pull" transfer from my bank, the lesser "mistake" as a "push" transfer from my bank, the equally egregious "mistake" of selling securities in my taxable brokerage(margin enabled) and transferring before T+2. But I swear on my children that I have also transferred from cash that's just been sitting in the whatever the cash sweep mmf of that same brokerage account for a long time, to my IRA, and then right to the Roth same day or at least the very next day. And why the hell not?! It's my money that Fidelity has been holding as cash for however many months it was!
So on Monday i did just that, transferred $7K from our brokerage (Fidelity), money that had been in the cash sweep fund for months, to my wife's IRA. And yet here I am, technically it's freaking Wednesday, and I still can't make the Roth transfer! Am I completely mistaken about having been able to do this same-day or next day in the past with settled funds already at Fidelity? It just makes no sense, and that whole chicken-little theory about it being a great idea to separate the two transfers by a completely arbitrary amount of time with no legal opinion/ruling to base it off of is a relic of the past, that can't be the reason.
I got "dinged" this past year with interest showing jp a month after I did all this and not noticing it until after dec 31st (because I don't normally check accounts that have $0 balances normally). It's not the money aspect, it's the time i wasted having to figure out what to do about it at tax time. Why is this wait necessary when Abigail's right hand gives $7k to her left hand?
Statistics: Posted by corp_sharecropper — Tue Mar 05, 2024 11:42 pm — Replies 2 — Views 295