I rolled over my Roth IRA from Charles Schwab to Robinhood in November. I had all ETFs, individual stocks, and some uninvested cash in there. Initially, everything transferred except for my fractional shares. Over the following week, CS automatically sold off all my fractional shares and transferred the cash over to my Roth IRA RH account. Then, over the next few weeks, all of my pending dividend payments that hit my CS account from the stocks that used to be in there were automatically transferred over to my RH account. RH called these transactions that happened after the initial transfer a “Residual Sweep”. So, 100% of my Roth in CS was transferred over successfully and all that I had to do was initiate the rollover and sit back and watch it happen over the course of a month.
couldn't you sell your mutual funds in your account. Leave the cash in your retirement account and then transfer them to robinhood ( cash assets? i am researching this as an option. not a taxable event it seems like online. as long as you didnt sell and withdraw it to your checking account. a little more work but possible.
So after been on the phone with Robinhood and my simple ira ( old employer account) . Back and forth for 4 hours today. Robinhood is DEFINITELY a pain in the butt. But the solution I have come up with ( after also talking to a tax professional) was that I can take a 100% distribution from my simple ira. Thankfully they will not withhold any taxes or penalties. As long as I put the money into Robinhood Traditional IRA within 60 calendar days and mark that it is an indirect transfer then there should be no taxable events . I will get a 1099 from the old employer account but Robinhood will provide a 5498 that I will provide to my tax preparer to avoid any taxes due. A pain in the ass but only doing this because of the 3% match and I currently don’t have a better option to put the money at the moment.
Ran into the same exact issue. Can't transfer mutual funds?! Didn't realize until halfway through as well. Too much of a pain/I'm not sure I'll do it correctly doing workarounds.
Robinhood doesn’t buy/sell mutual funds or bonds. That is why you can’t transfer mutual funds and bonds. A not too good solution is to sell the mutual fund and buy an equivalent ETF. Then transfer to RH
I did the opposite. Transferred out of Robinhood and made similar irritating discoveries. Bright side is it was before the end of 2023, so no more dealing with Robinhood in 2024.
Why would you be able to transfer mutual funds? They are specific to the company you are investing with? Generally speaking you can't transfer mutual funds between accounts like Schwab and Vangaurd for example for the same reason. Robinhood doesn't offer any mutual funds, so they aren't going to be able to transfer any. How would you even expect that to work?
I don't know where you're getting that but I don't think that's true. I can buy a Vanguard mutual fund within my Schwab brokerage account no problem because they're globally traded. I'd expect them to transfer like any other ticker symbol. If a platform could only trade its own funds it'd be pretty limited.
@@oldgreg315 I believe this is a special case where the two companies have an agreement to let you do this. And it also looks like it costs a $40 fee to do.
Can’t stand Robinhood it’s been nothing but problems for a year. I don’t know where money has gone taken out my account then restriction.. then they lie about transactions. Now I’m looking for somewherelse to trade on. I pray this is not going to be a long drawn out mess to close and get my funds out of Robinhood
@@youtubetim3577have you been monitoring your account fairly closely or just letting things ride if I may ask? What I'm getting at is: if RH was pulling shady stuff behind the scenes, how likely would you/we be to notice?
Man. Thank to you. I realize why some money did not transfer to RH. I need to sell those fractions tomorrow and then transfer that money
I rolled over my Roth IRA from Charles Schwab to Robinhood in November. I had all ETFs, individual stocks, and some uninvested cash in there. Initially, everything transferred except for my fractional shares. Over the following week, CS automatically sold off all my fractional shares and transferred the cash over to my Roth IRA RH account. Then, over the next few weeks, all of my pending dividend payments that hit my CS account from the stocks that used to be in there were automatically transferred over to my RH account. RH called these transactions that happened after the initial transfer a “Residual Sweep”. So, 100% of my Roth in CS was transferred over successfully and all that I had to do was initiate the rollover and sit back and watch it happen over the course of a month.
couldn't you sell your mutual funds in your account. Leave the cash in your retirement account and then transfer them to robinhood ( cash assets? i am researching this as an option. not a taxable event it seems like online. as long as you didnt sell and withdraw it to your checking account. a little more work but possible.
I’m not totally following your plan but think that might be a taxable event, selling the mutual funds I mean.
So after been on the phone with Robinhood and my simple ira ( old employer account) . Back and forth for 4 hours today. Robinhood is DEFINITELY a pain in the butt. But the solution I have come up with ( after also talking to a tax professional) was that I can take a 100% distribution from my simple ira. Thankfully they will not withhold any taxes or penalties. As long as I put the money into Robinhood Traditional IRA within 60 calendar days and mark that it is an indirect transfer then there should be no taxable events . I will get a 1099 from the old employer account but Robinhood will provide a 5498 that I will provide to my tax preparer to avoid any taxes due. A pain in the ass but only doing this because of the 3% match and I currently don’t have a better option to put the money at the moment.
@@BrendanEvanDepends. Are we talking about an IRA? I'm pretty sure IRA stuff isn't taxable unless you actually withdraw the money out of the IRA.
Ran into the same exact issue. Can't transfer mutual funds?! Didn't realize until halfway through as well. Too much of a pain/I'm not sure I'll do it correctly doing workarounds.
Robinhood doesn’t buy/sell mutual funds or bonds. That is why you can’t transfer mutual funds and bonds. A not too good solution is to sell the mutual fund and buy an equivalent ETF. Then transfer to RH
Definitely an option! Just might create a tax burden
@@BrendanEvan yes. I was thinking for 3% IRA or 401k
Ouch, I think you missed the 3% IRA transfer bonus Robinhood pushed just a few days after you posted this video
I don’t think so it’s still active even now! Through the end of April!
I get that's kind of annoying but idk just buy mostly etfs in robinhood then
Another luscious dark cocoa quality made content. I feel your pain. I left RH after a few similar negatives a few years ago. Keep up the great work!
🙌😋😂
oh wow.... I was looking into doing this. Could I transfer my Schwab IRA SWVXX, if you happen to know?
It worked for me yesterday. Anything is better nothing!!
👍👍
The order flow video will be very interesting
Did he ever make it?
@oldgreg315 Did you check the channel? If he made it, it would be there.
@@-Good4Y0u I did. Could be wrong but didn't I see it.
I did the opposite. Transferred out of Robinhood and made similar irritating discoveries. Bright side is it was before the end of 2023, so no more dealing with Robinhood in 2024.
Maybe transferring in general isn’t as clean as we’d like
Why would you be able to transfer mutual funds? They are specific to the company you are investing with? Generally speaking you can't transfer mutual funds between accounts like Schwab and Vangaurd for example for the same reason. Robinhood doesn't offer any mutual funds, so they aren't going to be able to transfer any. How would you even expect that to work?
25K sub behavior
I don't know where you're getting that but I don't think that's true. I can buy a Vanguard mutual fund within my Schwab brokerage account no problem because they're globally traded. I'd expect them to transfer like any other ticker symbol. If a platform could only trade its own funds it'd be pretty limited.
@@oldgreg315 I believe this is a special case where the two companies have an agreement to let you do this. And it also looks like it costs a $40 fee to do.
@@oldgreg315 Mutual funds are different from ETFs. Similar, but different.
Rob Berger has a good UA-cam on this topic
How much do you have to have in account for a margin account in Robinhood
robinhood.com/us/en/support/articles/minimum-margin/
@@BrendanEvanThank you for not giving a direct answer. These type of people like to think their time is more valuable than others
Worked fine for me
👍👍
Why can't i transfer my money out and in 2023 I was able to do
Are you having the same problems as me or different ones??
@@BrendanEvanHe’s not answering you
I want to buy a robinhood account from someone that has a working cash card attached. Really need this right now.
You can’t just buy someone’s form of payment. It’s tied to their identity and accounts.
Dude came in from Stupidtown
Do you know what mutual funds are?
Do you know what a search engine is?
Mutual funds are basically ETFs that are ran by people instead of computers.
@@jermbear69 Nice job leaving out the higher fees
@@jermbear69 They are similar in that they are both "funds". Outside of that, the "ET" part of ETF is kinda important here.
Worked for me
Great! 👍
sell the left over fractional shares in M1 and your problem goes away. Those fictional 90%+ losses will disappear.
I’ll try it!
Dam i wish i watched this yesterday
To prevent further regret please watch all my video ASAP. Thx
Can’t stand Robinhood it’s been nothing but problems for a year. I don’t know where money has gone taken out my account then restriction.. then they lie about transactions. Now I’m looking for somewherelse to trade on. I pray this is not going to be a long drawn out mess to close and get my funds out of Robinhood
Sounds like personal issue, been with them 3 years and zero issues, and I have 90k dollars in there.
Can you describe the issues you've been having for a prospective customer?
@@youtubetim3577have you been monitoring your account fairly closely or just letting things ride if I may ask? What I'm getting at is: if RH was pulling shady stuff behind the scenes, how likely would you/we be to notice?
The M1 issue is their problem. But yeah M1 is so aweful.
Why would anyone use Robinhood after the shit they pulled with GameStop?!
Already on it
A lot of other brokerages also halted the buy button
Wish I had know 😭 it’s the most stressful year of my life and it won’t even over dealing with them 🤦♀️
Ratioed
Ftx bitconnect
Beecohneeeeeeeeehckt
M1 is trash
Why did you type the same thing twice?
M1 is trash
Why did you type the same thing twice?
STASH I worse