Sepp Custodial Account
L1: Sepp Custodial AccountMy question is I have an IRAthrough Edward Jones and would like to see if there is away to do trading throughAmeritrade into this account. The ability to transfer funds and assets back and forth. Is this done by establishing a Sepp Custodial account. Or do you set up a Brokerage account? Or are both these type of accounts the same. My Sepp account will beheld atEdward Jones.
Ron2012-12-06 15:00, By: Ron, IP: [18.104.22.168]
L2: Sepp Custodial AccountStart by contacting ‘Edward Jones’ to see what type of account that you have. If not a brokerage type account, then tell them that you want a brokerage account where you can trade from alll of your desired sources.2012-12-06 15:14, By: Gfw, IP: [22.214.171.124]
L3: Sepp Custodial AccountRon,
It’s not clear what you want to accomplish, but if you have an IRA at Jones being used for a SEPP account and another IRA at Ameritrade that is NOT part of the SEPP, there can be no transfers between those accounts afteryour plan startswithout busting the plan. You could do such transfer PRIORto starting the SEPP plan however in order to get your balance in the Jones IRA to the amount needed to generate the distribution you need to cover expenses.
If what you are planning is something else, please advise.
2012-12-06 19:11, By: Alan S, IP: [126.96.36.199]
L4: Sepp Custodial AccountAlan… it sounded to me like his account is at Jones but would like to invest in some Ameritrade funds/efts. If that is the case, it can be done with a brokerage account as long as Jones allows it.
I have used Vanguard for years – brokerage account – and about the only investments that I have from Vanguard are the cash accounts – a lot of flexibility in brokerage accounts as an umbrella for a SEPP plan.2012-12-06 19:37, By: Gfw, IP: [188.8.131.52]
L5: Sepp Custodial AccountIf you are planning to have 2 IRA accounts as part of your SEPP 72-T universe, and plan to transfer monies between the accounts as you buy and sell stocks and funds, I would strongly recommend that you not do this. This approach would probably come under the prohibitions of partial transfers.
Because I have interpretted your posting differently from others, I suggest that you clarfify what you are asking about doing.2012-12-06 23:00, By: dlzallestaxes, IP: [184.108.40.206]
L5: Sepp Custodial AccountI have not started the sepp plan yet I willonly haveone 72t account at edward jones. What type of account do I need to set up at Ameritrade? My reason for theAmeritrade accountis for more choices and commision rates.
Ron2012-12-07 13:51, By: Ron, IP: [220.127.116.11]
L6: Sepp Custodial AccountYou don’t set up an any account at Ameritrade unless the SEPP assets are at Ameritrade. If you want to setup your SEPP account at Ameritrade, then transfer the funds from Jones to Ameritrade.
The purpose of the brokerage account is flexibility in choosing investments, not flexibility of setting up multiple brokerage accounts – you only need one brokerage account.2012-12-07 14:34, By: Gfw, IP: [18.104.22.168]
L7: Sepp Custodial AccountRon:
From your posts it sounds like you have a better case to set up two accounts at Ameritrade and closeout the Jones account. You can have a SEPP IRA account and a separate “emergency” IRA account at Ameritrade. Use the emergency IRA account for times you run short of funds and make a “penalty withdrawal” so you don’t bust the SEPP.
Jim F2012-12-07 15:52, By: Jim F, IP: [22.214.171.124]
L8: Sepp Custodial AccountJust checking to see if posts are showing up. No change since 12/07/12 has made me curious. Ken 12/17/12 11:30pm2012-12-18 04:32, By: Ken, IP: [126.96.36.199]