Roth IRA Conversion at IB

Quote from IB-AN:

While it's accurate that we have historically not provided account holders the ability to recharacterize IRA account types (e.g. from Traditional to Roth), we will be accommodating such requests in recognition of the changes to the Roth IRA eligibility rules going into effect in 2010.

Please note, however, that the programming changes necessary to provide this functionality will not be available on Jan 1, 2010, but hopefully by the end of the month.
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You couldn't have people work overtime during Christmas??? :p :p

Seriously thank you for this, in the long run I'd have to think this saves you work ... no more ACAT transfers out then back in.
 
Quote from SideShowBob:

From IB's customer service:

Please be advised that IB is in the process of allowing internal Roth conversions and the process should be operational in the early part of 2010.
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I can say that my conversion in December from Traditional to Roth at MB Trading took just a couple days from when I made the request to getting the paperwork done online to getting re-characterized to having Penson complete the process.

Only downside is paying the taxes! LOL But never having to pay them in the future sure is a motivator to aggressively trade that account and run it up.
 
Quote from DHOHHI:

I can say that my conversion in December from Traditional to Roth at MB Trading took just a couple days from when I made the request to getting the paperwork done online to getting re-characterized to having Penson complete the process.

Only downside is paying the taxes! LOL But never having to pay them in the future sure is a motivator to aggressively trade that account and run it up.
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Why would you do it in December knowing if you waited a month to Jan 2010 you'd have until 2011 and 2012 to pay taxes on it?
 
Quote from SideShowBob:

Why would you do it in December knowing if you waited a month to Jan 2010 you'd have until 2011 and 2012 to pay taxes on it?
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Because I plan to convert more in 2010.

I wanted taxes on this initial IRA conversion out of the way.
 
Quote from DHOHHI:

Because I plan to convert more in 2010.

I wanted taxes on this initial IRA conversion out of the way.
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You need to re-read the terms of usage for Elitetrader:

No rational thoughts or acts may be committed or mentioned on Elitetrader. Any violations of this policy will be met with extreme nastiness.
:D
 
Quote from IB-AN:

While it's accurate that we have historically not provided account holders the ability to recharacterize IRA account types (e.g. from Traditional to Roth), we will be accommodating such requests in recognition of the changes to the Roth IRA eligibility rules going into effect in 2010.

Please note, however, that the programming changes necessary to provide this functionality will not be available on Jan 1, 2010, but hopefully by the end of the month.
More...

Does IB plan to publicize when this is ready or should we just harass CSRs until we find out?
 
Any updates from IB as to when they would allow converting traditional IRA held at IB to Roth IRA held at IB?

Also, what is the process for converting a non-deductible IRA held at Schwab to a Roth IRA at IB? My non-deductible IRA at Schwab is all cash, no positions.

Thanks
rd
 
I called them yesterday about this and they actually said that the ability to convert your IRA at IB into roth will be an option on the website in a few weeks. At no point during the conversation did he state that a conversion was "not possible" so I think the info here is old.
 
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