Personal Investments • Ally bank would not allow me to take monthly interest from my CD IRA and move to ANOTHER ALLY savings IRA

Ally bank would not allow me to take monthly interest from my CD IRA and move to ANOTHER ALLY savings IRA.

I have a 12 month CD @ 4.5% and want to transfer montly interest to my savings IRA so I don't generate a 1099R at the end of the year
and that way I can decide how much to take out for distribution if I need to.

Is this an ALLY BANK rule or an IRS Tax rule?

I had already talked earlier to an ALLY IRA side and wanted to transfer the interest to the ALLY INVEST side in a self directed IRA. He said that was okay. I'm waiting on forms since he said this situation is not used very often so no forms available online so I'm waiting for an email with the form.

I hope the 2nd scenario above works. That way even if my investing cash sits in a MM account I can still take a distribution of MY choosing when needed.

Main question is. Is this an ALLY BANK rule or an IRS tax rule? In my opinion it's like a custodian-to-custodian type transfer.

Thanks in advance
drcwks

Statistics: Posted by drcwks — Fri Jun 07, 2024 4:30 pm — Replies 0 — Views 36

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