To anyone following this, IB has now got this up and running. I converted my traditional IRA earlier this week to my Roth.
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Roth IRA Conversion at IB
- Thread starter SideShowBob
- Start date
Cool, good to hear. I'll be doing that as well.
Go into Account Management in the traditional ira and there will be a link on the left menu (I believe under funds management but I can't remember). In my case the funds were converted that night, although they did say they will not do a conversion over options expiry weekend.
Quote from SideShowBob:
Can anyone suggest the best way to convert my traditional IRA (held at IB) to a Roth ira (I already have a Roth IRA held at IB I'd like to merge the rollover into). I know IB won't do it although I keep hoping they'll support this.
I'm assuming I need to do an ACAT to another broker such as Scottrade, Etrade, etc which will handle it, then do another ACAT back.
IB why oh why won't you support this? 2010 is a big year for this since you can defer paying taxes until 2011 and 2012 (although tax rates will likely go up).
Just transfer the money to a bank first, then deposit it to a Roth. I did it before. IB didn't support the direct transfer. It was a bit of a hassle to convert.