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Anybody had experience going from IRA to taxable account at Price?

hank
edited December 2014 in Off-Topic
We generally take an IRA distribution at Price early in the new year. As our annual distribution, it feeds into our yearly household budget beginning Jan. 1.

In the past, we've used their website to move directly to our linked bank account. I'm comfortable with this and appreciate that we are asked a series of tax-related questions to consider. Essentially, we elect whether or not to have federal taxes withheld - and, if so, in what amount.

I've recently noticed that their online exchange feature is now set up to allow direct exchanges from an IRA into taxable accounts. So, we could simply shift that distribution into our taxable money market fund at Price (with check writing capabilities).

Has anyone taken a distribution this way? If so, is the tax-election process essentially the same as it is when you move the distribution to your bank? I assume so. But without running the process am not sure.

Comments

  • maxlib421
    When I transfer from my IRA to a non-IRA account at Fidelity, a screen pops up asking about whether I want to withhold taxes, just as it does when I transfer funds to my bank. I expect Price will do the same. It may even be a legal requirement that they have to ask about withholding for any IRA withdrawal.
  • hank
    Thanks. I'll try a small transfer first just make sure.
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