Just an FYI regarding something I recently encountered. I wanted to buy some TIPS in a rollover IRA and figured that would be easy since you can buy a pretty broad spectrum of investment products in an IRA. But, I got error messages telling me it wasn't allowed. A phone call with Fidelity revealed that I had "mutual fund IRA" and not a "brokerage IRA". Huh? Apparently back in Neanderthal days, all rollovers resulted in mutual fund IRAs. In the modern era, they are created as brokerage IRAs. It took about an hour on the phone, while simultaneously doing things in my online account, to correct matters. It involved created a new brokerage IRA and moving in all the funds from the old one. I was told this had no tax implications. For archival purposes the old IRA remains attached to your account, although with zero funds.
Statistics: Posted by PerfectName — Sat Jul 06, 2024 11:58 pm — Replies 1 — Views 238