We just transferred earnings from our son's Fidelity Youth account into his Vanguard Custodial Roth IRA. No different than transferring cash from my checking account to my Vanguard brokerage account.
In the same session I went to sweep a couple hundred dollars of cash sitting in the settlement fund from his Vanguard UTMA account to his Roth account and was greeted with "Exchanging money between these accounts isn't permitted." Same warning appears if I attempt to transfer any settlement funds from my brokerage account.
I find it bizarre that Vanguard would prohibit funding a custodial Roth IRA from an UTMA. Anything I may be missing?
In the same session I went to sweep a couple hundred dollars of cash sitting in the settlement fund from his Vanguard UTMA account to his Roth account and was greeted with "Exchanging money between these accounts isn't permitted." Same warning appears if I attempt to transfer any settlement funds from my brokerage account.
I find it bizarre that Vanguard would prohibit funding a custodial Roth IRA from an UTMA. Anything I may be missing?
Statistics: Posted by PA_Boglehead — Fri Jul 19, 2024 7:34 pm — Replies 5 — Views 290