Transfer Shares from One Acc to another
Summary:
- The main problem reported by the user is the desire to transfer shares of QQQ from their brokerage account to their Roth IRA account with Fidelity.
- Transferring shares directly into a Roth IRA is not allowed; contributions must be made in cash.
- Shares can be transferred out of a Roth IRA to a taxable brokerage account through an in-kind distribution.
- It is recommended to consult a tax professional before making any transfer decisions to understand potential consequences.
Here’s the full thread
I have shares of QQQ in my brokerage account with fidelity, I was hoping if I can move those very shares under my ROTH IRA account with fidelity instead?
Or even Vice Versa?
Thank you for reaching out, @Sebz.
Transferring shares into a Roth IRA is not allowed, as IRA contributions must be made in cash. You can transfer shares out of a Roth IRA to a taxable brokerage account through an in-kind distribution.
Before making such moves, we recommend speaking to a tax professional to review any potential consequences.
If you have further questions, please let us know. We’re happy to help! 🟢