Can I Transfer Securities Between My Fidelity Accounts?
Here’s a summary of the main problem and solutions discussed in the post:
- Main Problem: The user wants to know if they can move securities between their Fidel Brokerage account and their Fidel Roth IRA without selling and rebuying the securities.
- Solution: The IRS guidelines state that contributions to retirement accounts, including Roth IRAs, must be made in cash, meaning shares-in-kind contributions are not allowed.
- Alternative Solutions:
- Transfer cash from an existing non-retirement brokerage Fidelity account or an external bank account to the Roth IRA.
- Be aware that selling investments will require reporting any capital gains or losses to the IRS.
- Additional Information: The contribution limits for IRAs have changed in 2024, allowing $7,000 for those under 50 and $8,000 for those 50 or older.
I want to be able to move my securities that I own in the Fidel Brokerage into the Fidel ROTH ira and vice versa. Is that possible without really selling and rebuying the said securities?
Can message the support team
Thanks for the questions today!Currently, the IRS guidelines dictate that retirement account contributions, including Roth IRAs, must be made in cash. Shares-in-kind contributions to IRAs are not permitted. A few of the quickest ways to make a contribution to your IRA would be to transfer cash from an existing non-retirement brokerage Fidelity account, or external bank account, which can be done on Fidelity.com or in the mobile app.
Keep in mind, if you sell an investment such as a stock or mutual fund in a non-retirement brokerage account, the IRS requires that you report any capital gains or losses along with cost basis information. I’ll go ahead and leave a link with you below that details how cost basis is calculated with capital gains and losses.
Capital Gains and Cost Basis: https://www.fidelity.com/tax-information/tax-topics/capital-gains-cost-basis
Just so you know, the contribution limits have changed in 2024. If you are under age 50, you may contribute $7,000 a year. If you are age 50 or older, you may contribute $8,000 a year. For a deeper dive into IRA contributions and their limits, feel free to check out the link below.
IRA Contributions: https://www.fidelity.com/retirement-ira/contribution-limits-deadlines
If you have additional questions be sure to let us know! 🟢