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Non-Tech : Waterhouse Securities
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To: John M. Hammer who wrote (411)3/31/1998 8:11:00 PM
From: Thean  Read Replies (2) of 2076
 
Roth IRA conversion and 1998 contribution - I don't like it!

I completed the conversion of my regular IRA into Roth IRA at Waterhouse last month. I also sent in a $2000 check last week for 1998 Roth IRA contribution. They called me today and say I can't do that. The reason is I need a new Roth IRA account for 1998 and beyond and have to keep this separate from the converted Roth IRA account. This is disappointing since now I have to start with $2000 again. The key is with $2000 the commissions can add up quickly if one trades. They said it is because the government still has a lot of uncertainty about the rules of Roth IRA and Waterhouse decided to take on a conservative stance to keep two Roth IRA account for people like myself until further notice. They say there is a chance that the two account may merge into one later but for now I will have to keep two Roth IRA accounts if I want to make contribution for 1998.

My question for you all is do you know if this is a universal practice among all brokerage firms or is it just Waterhouse?

If other firms do not practice this, has anyone had experience moving one's Roth IRA to another brokerage and able to make 1998 contribution into the same account all at the same time. TIA.
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